Report: Pending Home Sales Slump

According to a report released this morning about pending home sales, the housing picture turned a bit bleaker than it already was. The NAR (National Association of Realtors) reported that February Pending Home Sales dropped 21.4% when compared to February of last year.

So what does this all really mean for you and the housing market? According to NAR chief economist Lawrence Yun in an interview with cnn.com, it means that the housing market is "not out of the woods".

Upcoming housing reports:

Existing Home Sales March 2008 due to be released on April 22nd.
Next Pending Home Sales Index will be released May 7.