Pending U.S. home sales decline for second straight month

Pending home sales fell 2.3% in September, the second drop in a row, the National Association of Realtors reported Thursday. The index is at its second lowest level of the year, though it's up 3% from the same level 12 months ago. The NAR said there continues to be a dearth of available listings in the lower end of the market for first-time buyers. A sale is listed as pending when the contract has been signed but the transaction has not closed.