Dec. 4, 2006 -- Pending home sales were down 1.7 percent in October, the National Association of Realtors said Monday.

The lower pending sales rate, which is based on contracts signed for existing home sales that are expected to close in coming months, remained above a cyclical low in July, the trade group said.

David Lereah, the group's chief economist, said the housing market appears to be stabilizing compared to an "unsustainable boom" in recent years. 

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