The National Association of Realtors in the United States has released their existing home sales numbers for the month November, based on contracts signed, and found that sales have dropped 16%.  Lawrence Yun, chief economist of the National Association of Realtors, said a drop was expected. "It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit," he said. "The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires."

Read the whole report here.