WASHINGTON (Reuters) - Pending sales of previously owned homes fell 1 percent in March, as expected, as turmoil in the housing and mortgage markets continued, a real estate trade group report on Wednesday showed.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in March, fell 1 percent to 83.0 and was 20.1 percent lower than the March 2007 index.
Economists were expecting the decline in these contracts, which are a good barometer of future home sales. The association's chief economist, Lawrence Yun, said the availability of affordable mortgages is uneven, contributing to the slowdown.
"As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half," he said.
