Unfortunately, the housing crisis just doesn’t seem to be getting much better. According to the National Association of Realtors, pending homes sales declined by 11.6% in April. That simply means that the number of people attempting to buy has decreased, not just that people couldn’t get a contract to close.
With the high unemployment rate, the credit squeeze, the government refusing to back off of spending, and other huge financial problems Americans continue to face, I suspect that the economy, and in particular, the housing market, will stay down for some time to come.
Carla Hill has more details in the following article.