WASHINGTON — Contracts to buy previously owned U.S. homes hit an all-time low in March and businesses braced for tough times by squeezing more out of their workers in the first quarter, data released May 7 showed. The National Association of Realtors Pending Home Sales Index, based on contracts signed in March, fell 1% to 83.0, the lowest since this index began in 2001, and was 20.1% lower than a year ago. Economists were expecting the decline in these contracts, which are a good barometer of future home sales, as homeowners have been increasing skittish about buying homes in a price-declining market and as mortgage financing is more difficult to obtain. For the full story visit http://www.latimes.com/business/la-fi-economy8-2008may08,0,3766552.story