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 August 04, 2009

Pending Home Sales continue on Uptrend
For the fifth month in a row, pending home sales have been on the increase. According to the National Association of Realtors, this is the first occurrence of this in the past six years.
A forward-looking indicator called the Pending Home Sales Index reports that contracts signed throughout the month of June increased just over 3.5% up to an index prating of 94.6. This reading is up from an upwardly revised reading of 91.3 for the month of May. The reading is also is nearly 7% higher than June of last year.

The chief economist for the NAR, Lawrence Yun stated that there is a combination of market factors which are spurring on the recent gains. The combination of affordable home prices and historically low interest rates and a large inventory to choose from are the factors which are bringing otherwise hesitant buyers into the marketplace. Lower priced properties have seen the greatest amount of activity.

Prospective buyers who are on the sidelines about whether or not to enter the market should be aware that the entire buying process of buying a home could take up to two months including the search and the escrow process. Buyers who want to take advantage of the current $8,000 first-time home buyer tax credit need to be aware that they must close on a home purchase by November 30, 2009 to get the credit.

In the West, the ratings on the index increased nearly 3% to 100.4.