Home Sales Measure Weaker than Forecast

July 8, 2008 8:36:08 AM PDT
A trade group's measure of pending home sales for May has notched its third-lowest on record. The report from the National Association of Realtors indicates there's no immediate sign of a recovery in the troubled housing market. The group's index fell 4.7 percent to a level that was weaker than forecast. It is a snapshot of sales where the seller has accepted an offer, but hasn't yet been closed.

The index stands 14 percent below year-ago levels.