March pending sales down 20% over year ago

The National Association of Realtors' Pending-Sale Index, based on agreements of sale signed for existing homes during a month, fell 20.1 percent in March from the same month in the 2007.

The February to March decline was just 1 percent, the NAR said today.

Those agreements of sale typically go to closing within 60 to 90 days of being signed.

"Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," said NAR chief economist Lawrence Yun.

"As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available," he said.