Realtors revise home sales forecast lower again, an article from USA Today, reports that the National Association of Realtors said sales of existing homes in the U.S. are expected to decline to a five-year low this year. The NAR's Pending Home Sales Index, based on contracts signed in September, was up 0.2 percentage points to 85.7 from 85.5 in August. Lawrence Yun, the trade group's chief economist, said the housing market is likely to experience a "modest" recovery next year as mortgage markets stabilize. He said, "It is possible for even higher home sales activity than we're forecasting if buyers regain their confidence."
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