US Pending Home Sales Index Falls in November

From the NAR and the ever optimistic Lawrence Yun:

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 2.6 percent to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September readings and indicates a broad stabilization. The index was 19.2 percent below the November 2006 level of 108.4. “Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range before trending up,” Yun said.

So Yun still sees Existing Homes rising in 2008, well eventually he'll be right but it won't be this year.