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November 5, 2010: Pending Home Sales Fall In September The number of pending home sales dropped 1.8 percent in September, after rising for the previous two months. Many people attributed the drop in pending sales to the disruption in the real estate market caused by the moratorium on foreclosures. The pending sales index was started in 2001, and was set for that year at 100, with anything below that level considered a negative indicator, and everything above that level considered positive. The reading was above 100 from March 2003 through April 2007; and was as high as 107.8 in September 2009 (because of the increased purchases spurred on by the initial tax credit for home buyers). The reading for September 2010 was only 80.9, 25 percent lower than last year. The only region that saw an increase in the index in September 2010 was the West, which rose 3.5 percent from August, but was still 24.7 percent lower than September 2009.
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