Contracts to purchase existing homes in the U.S. fell more than forecast in December as higher borrowing costs and bad weather held back sales. A gauge of pending home sales slumped 8.7 percent, the biggest decline since May 2010, after a revised 0.3 percent drop in November that was initially reported as a gain, the National Association of Realtors said today in Washington. The median projection in a Bloomberg survey of economists called for the index to drop 0.3 percent. Tight inventory and unusually cold weather discouraged prospective buyers, according to the group. Further gains in hiring, household wealth and ... (full story)