Pending home sales fell in September

The number of pending sales of existing homes, in which the seller has accepted an offer but the deal has not closed, fell 4.6 percent in
September, the National Association of Realtors said today. The number,
however, remains 1.6 percent higher than it was a year ago. There is
usually a one- or two-month gap between when an offer is accepted and
when the deal closes. Sales in Long Island, Florida and several other
locations increased, the association said, but the increase probably
comes from purchases of foreclosed homes.