Pending home sales will be subdued in the short-term as subprime mortgage problems continue to worry home buyers. August’s Pending Home Sales Index fell 6.5 percent to a reading of 85.5, down from 91.4 in July and 21.5 percent below the August 2006 index of 108.9.

39.8 million Americans moved house in 2006. Nearly one-third of all people living in renter-occupied housing units lived elsewhere a year earlier. The moving rate for people living in owner-occupied housing units was considerably lower, at 7 percent. Nearly half of the reasons given for moving were housing related, such as wanting a bigger or smaller house.