A Big Drop for Pending Homes Sales in November

The housing market suffered a setback on Tuesday as sales of pending homes plunged 16% in November, according to the National Association of Realtors. Buying dropped off substantially as the Nov. 30 expiration date for the original first-time homebuyers tax credit approached. Pending home sales tumbled in nearly every region. They plummeted 25.7% in the Northeast and Midwest, dropped 15% in the South, but dipped just 2.7% in the West.