The latest report from the National Association of Realtors shows that while pending homes sales are down from last year, they are showing signs of stabilizing.

Pending homes sales are down 13.6 percent from 2005's record setting numbers, but David Lereah, NAR's chief economist, notes, "It's important to focus on where the housing market is now -- it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high -- they'll stay that way through 2007. In addition, a temporary correction in prices distracts from the fact that it is primarily the number of home sales that affects the economy, and the number for this year will be the third highest on record."

By region, October saw the biggest decline in the West, which eased 2.7 percent. The largest year to year decline was also seen in the West, which was 17.4 percent below October of 2005. The smallest decline? The Midwest dropped 1.7 percent in October, with a yearly drop of 9.3 percent.

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