Pending home sales drop to a record low, exceeding the decline seen during the 2008 housing collapse

• Pending home sales dropped to their lowest level on record in October as mortgage rates remain high.
• The decline in pending home sales exceeds the drop seen during the 2008 housing bust.
• "Mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years," the NAR said.

Pending home sales fell in October to its lowest level on record, exceeding the decline seen during the 2008 housing collapse. since the Pending Home Sales Index was created in 2001.

The Pending Home Sales Index fell 1.5% month-over-month in October, and declined by 8.5% year-over-year as mortgage rates remained elevated and supply stayed tight.