AP News

News Summary: Contracts to buy US homes fell

PENDING HOME SALES FALL: The number of Americans who signed contracts to buy previously occupied homes fell in August. The National Association of Realtors said Thursday that its index of sales agreements dropped to 99.2.

DOWN FROM 2-YEAR HIGH: In July, the index rose to 101.9. That was the highest level since April 2010, when the market benefited from a federal home-buying tax credit.

AHEAD OF LAST YEAR: A reading of 100 is considered healthy. The index is 10.7 percent higher than it was a year ago. The index bottomed at 75.88 in June 2010 after the tax credit expired.

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