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Pending home sales have dropped to a record low due to the impact of the COVID-19 pandemic. According to the National Association of Realtors, pending home sales were down 21.8% from a year earlier in April, the lowest level since the group began tracking the series in 2001. This slump is even worse than the 12.2% drop in April 2008 at the start of the financial crisis. Lower mortgage rates have failed to offset potential buyers’ worries about a weak job market, continued virus-induced economic uncertainties and continued restrictions on home viewings.