Pending Home Sales Drop as Buyer Obstacles Persist

WASHINGTON -- The number of Americans who signed contracts to buy homes fell in August, after a weaker-than-expected peak buying season.

The National Association of Realtors said Thursday that its index of sales agreements fell 1.2 percent last month to a reading of 88.6

A reading of 100 is considered healthy. The last time the index reached that level was in April 2010, the final month that buyers could qualify for a federal tax credit that has since expired.