By Rex Nutting
WASHINGTON (MarketWatch) -- Pending home sales plunged 16% in November as a highly popular tax credit for first-time buyers was set to expire on Nov. 30, the National Association of Realtors reported Tuesday. The pending sales index -- which measures contracts signed but not closed on previously owned homes -- was 15.5% higher than in November 2008. The tax credit was ultimately extended until April and expanded to repeat buyers. "The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own," said Lawrence Yun, chief economist for the lobbying group. "We expect another surge in the spring."
