The real estate industry continued to get hammered in August as the National Association of Realtors‘ pending home sales index tumbled by 6.5 percent to 85.5.
The August number is 21.5 percent below the index for August 2006. The July pending sales index was 91.4.
The association said fewer contracts were being written in August, and 10 percent of pending sales fell through at the last minute during the same month.
