WASHINGTON (Reuters) - Pending sales of previously owned homes fell a steeper-than-expected 1.5 percent in December, pointing to more dreary conditions for the beleaguered housing market, a real estate trade group report on Thursday showed.
NAR chief economist Lawrence Yun predicted home sales activity will remain soft through the first half of the year despite a generational low in mortgage interest rates.
For all of 2007, the index stood at 96.3, the lowest on record since the Realtor group began tracking this data.
"Things aren't strong by any means," said Mark Vitner, economist with Wachovia Securities in Charlotte. "It's possible that we will see some improvement in the housing sector and we think that the first quarter will mark the bottom in home sales."
(Reporting By Joanne Morrison; Editing by Neil Stempleman)
