US January pending home sales drop

Pending sales of existing US homes fell sharply in January, with the index dropping to a record low, according to a report on Tuesday that showed the deteriorating economy was keeping buyers on the sidelines. The National Association of Realtors Pending Home Sales Index, based on contracts signed in January, plunged 7.7 percent to 80.4, the lowest since the NAR started tracking the series in 2001.
Economists polled by Reuters had forecast pending home sales to fall 3.0 percent in January. December's pending home sales index was modestly revised down to 87.1.