Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday, as rising job losses and a deepening economic recession kept potential house buyers on the sidelines.

The National Association of Realtors Pending Home Sales Index, based on contracts signed in November, dropped 4.0% to 82.3, the lowest level since the series started in 2001. That was worse than economists' expectations for a 0.1 percent drop.

Washington Post