Pending home sales were essentially unchanged in January, according to the National Association of Realtors. Monthly gains in the South and Northeast were offset by declines in the West and Midwest.  The index is down 9% from its January 2013 level and is near its lowest point since November, 2011.

Mortgage applications decreased 8.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 21, 2014.