FXstreet.com (Barcelona) - Pending home sales collapsed 16% in November as potential buyers waited for the extension of the government tax credit program for first-time homeowners.

A more modest decline in the -2.0% range was forecast after sales dropped to 3.7% in October.

Despite the huge decline, housing sales still grew by 15.5% over the year, according to the National Association of Realtors.

The tax credit of $8,000 was extended on November 8.