Existing Home Sale Contracts Rise for 8th Straight Month

Some good news in the housing market surfaced in September (Click Here to Read the article).The September Pending Home Sales Index which tracks sales of existing homes rose 6.1%. This was a higher than anticipated increase. The feeling is that it is spurred by the upcoming expiration of the first time Homebuyers Credit (set to expire at the end of November). That deadline looks like it will be extended into 2010 at this point. Housing may not be out of the woods yet, but this report is the latest in a line of positive indicators. The report quotes “An excess of homes remains on the market despite recent improvements," he said. "Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline." Our region has seen in increased level of activity as well and is experiencing the same trend.
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