Home Sales Rise Again
Pending Home Sales Rise Again
Source: realtor.org
Pending home sales have risen for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.
The article also discusses the effect of appraisals on the number of closings.
Headlines
Annotated Bibliography (Link Library)
Comments
Three of the four regional markets were in positive territory for 2009, after the first five months of reporting. A positive trend for sure, but I am still not convinced we have hit the bottom yet. In Massachusetts we are hitting the peak of foreclosures in many communities. I am sure the same would be said by other IREMFirst members should they comment.
Interesting article concerning a lead economic idicator. Although the imformation looks positive, unfortunately it doesn't mean the economy is improving. We'll have to wait and see. .
- Christopher Mellen | Flag this comment for review