Bloomberg News is reporting the national index of pending home resales fell 4.7 percent in May, the third month in the past four with a decline, according to the National Association of Realtors.

The May decline came after a 7.1 percent rise in April. Nationwide, pending resales were down 14 percent from May 2007, NAR said.

In the northeast, pending resales were down 2.9 percent in May compared to April

The pending home resales report tracks contract signings. Closings, which typically occur a month or two later, are tallied in a separate report.