WASHINGTON (Reuters) - Pending sales of existing homes fell less than expected in August despite rock-bottom mortgage rates, underscoring the difficulties policymakers face in helping the struggling housing sector.
The National Association of Realtors said on Thursday that its pending home sales index, based on contracts signed in August, was down 1.2 percent to 88.6, its lowest since April.
Analysts polled by Reuters ahead of the report were expecting sales to decline 1.8 percent.
Hurricane Irene, which battered the Northeast at the end of the month, was likely a factor in the decline. Sales in the Northeast fell 5.8 percent.
via news.yahoo.com
