Pending Sales Are Up!

October 6, 2009 | 136 Comments

Contract activity for pending homes sales has risen for 6 straight months, according to the National Association of Realtors. The housing momentum has clearly turned for the better. According to Lawrence Yun, NAR chief economist, “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit.”

NAR estimated that about 1.8 to 2.0 million first-time homebuyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30th to qualify for the credit.

NAR President Charles McMillan said, “To ensure that housing has a broad stimulus to the overall economy and stays on sound footing, we’re encouraging Congress to extend the tax credit into 2010, and to expand it to all buyers of primary residences. The faster we stabilize home prices, the fewer families will face foreclosure and the quicker credit can be extended to other sellers of the economy.”

Source: National Association of Realtors (2009)

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