Home sales down, gas prices up

Another bit of bad news regarding the housing market: the National Association of Realtors reports that pending home sales fell to the lowest reading on record in February.

The report is seen as a signal that the housing market distress is not over yet.

The pending home sales gauge is 21 percent below the levels we saw this time last year.

How high will gas prices go? The Energy Department is predicting they’ll peak at around $3.60 a gallon in June.

The Energy Information Administration says high prices and a weak economy will probably make people think twice about hitting the road this summer.