Pending home sales fell 12.2 percent in July

During the month of July pending sales of pre-owned homes in the U.S. fell by 12.2% as creditors tighten their belts in the real estate markets. The National Association of Realtor's Pending Home Sales Index fell to a reading of 89.9 which is the lowest it has been since September 2001.

Economists were only expecting about a 2% decline from what I have read and it makes the housing market look a darn site worse than everyone was thinking before.