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May pending home sales slip 3.5 percent: NAR

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03 July 2007 @ 10:02 am ET

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WASHINGTON - Pending sales of existing U.S. homes in May unexpectedly fell to their lowest level in more than 5-1/2 years, data from a real estate trade group showed on Tuesday in a sign of continued weakness in the housing sector.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in May, fell 3.5 percent to 97.7 from a downwardly revised level of 101.2 in April. The May index is the lowest since 89.8 in September 2001.

Wall Street analysts polled ahead of the report were expecting the May index to rise 0.2 percent.

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GMAC Gary

Jul 4, 2007 10:53pm

We are seeing some contracts fall apart in The Florida Keys. Mostly due to buyer's remorse. They talk with their accountants or bankers about payments and reality settles in. The positive part is after a couple failed contracts a seller will lower the price or accept a lot less if a cash deal comes to the table. www.keywestinvesting.com

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