Pending Home Sales disappoint

So much for the "mega-recovery" in housing. The National Association of Realtors' pending home sales index dropped 0.5% month-over-month in November and 11.4% year-over-year. Market expectations called for a 0.7% MOM gain. This is the fourth decline in the past five months, though in fairness, the smallest in magnitude of those drops. Sales spiked in the Midwest, but dropped in the Northeast, South, and West.