Pending Home Sales Fall Sharply Outside of the West

Dean Baker, Truthout: "The decline in mortgage applications shows that the problem is not the credit crunch. The National Association of Realtors' pending home sales index fell 4.6 percent for the country as a whole in September. However, this decline was dampened by a 3.7 percent increase in the West. Sales fell by 0.7 percent in the Midwest, 7.9 percent in the South, and 16.8 percent in the Northeast. September sales in the Northeast were the lowest on record for this index, which only dates back to 2001."

//www.truthout.org/111208T



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