Summary Box: With economy weak, signed contracts to buy homes fall 2.6 percent in June

Summary Box: Pending home sales sink

SALES SINK: The number of buyers who signed contracts to purchase homes fell 2.6 percent in June, as the weak economy and tight lending standards kept consumers away from the housing market.

LOW LEVEL: The National Association of Realtors’ index of sales agreements for previously occupied homes fell to the lowest level on records dating back to 2001.

WEAK ECONOMY: High unemployment and tight credit have hurt the housing market. Sales picked up in the spring when the government was offering tax credits of up to $8,000. Once they expired on April 30, sales plunged.