All Aboard? Pending Home Sales Increase
February 3, 2009 by Site Supervisor
Filed under News
Could we be near a bottom? If pending home sales, homes that are under contract, is any indication we may be. The most recent home sales data from December show an increase in pending sales of 6.3%. This gain took economists by surprise as the consensus was a decrease of .5%.
Many attribute this increase to buyers snapping up foreclosures and distressed properties. This data comes on the heals of an increase of existing home sales in December of 6.5%.
The fact is that home buyers are taking advantage of this downtrodden real estate market. With home prices dropping and mortgage rates at historic lows the first, second or third time home buyer has opportunity abound.