Pending Home Sales are Up

Last week the National Association of Realtors announced that the number of pending sales on existing houses has been up during the last two months. The seasonally adjusted index of pending sales was up 3.2%, 1.1% above last year's rate and beating analysts' flat expectations.

"This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions," and the tax credit, Lawrence Yun, the Realtors' chief economist, said in a statement. "We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around."

It appears that first-time homebuyers are taking advantage of the lower home prices and low interest rates!

For the full article please see MSNBC.