WatchWASHINGTON (MarketWatch) -- Pending home sales fell 4.3% in December, with low inventory cutting results, according to data released Monday by the National Association of Realtors. The trade group's pending-home-sales index declined to 101.7 in December from 106.3 in November. A reading of 100 equals the average level of contract activity in 2001, when NAR started tracking these data.
"Supplies of homes costing less than $100,000 are tight in much of the country, especially in the West, so first-time buyers have fewer options," said Lawrence Yun, NAR's chief economist.
http://www.marketwatch.com/story/pending-home-sales-fall-in-december-2013-01-28?dist=lcountdown
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Wow... when NAR reports negative news, you know it must be bad!!