Pending home sales sink ...

The National Association of Realtors just released pending home sales figures for October. These figures are based on contract signings for existing homes, vs. the normal sales figures, which are based on closings (for contracts signed 30-60 days prior). Therefore, they're more current/up-to-date.

In October, pending sales dropped 1.7%, more than triple the 0.5% decrease forecast by economists. The decline follows a 1.1% drop in September. Pendings are down 12.3% year-over-year.