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Pending Sales Reach Highest Levels Since July 2007

Pending sales report shows buyers may be finding the bottom in Real Estate

The Pending Home Sales Report, an index to reflect homes that are under contract but not yet closed, has risen to the highest level since last summer (up 7.4% over the previous month).  Does this mean we have hit bottom?  No one will know that until we have the advantage of hindsight and are able to see it on the charts.

But, one fact remains true.  Prices can only come down so far before those on the sidelines can no longer stand around and watch.  With nationwide housing prices at levels of 2003, it begs the question, how much farther down can we go?  Obviously there are other economic factors at play, and the economy is complicated and a little scary right now.  But, the foundation for the current down turn was the over-inflated real estate market, and clearing out the existing inventory is crutial to starting a broad recovery.  Another important reminder to sellers is that the majority of homes being sold are actually foreclosures.  If you have a home you would like to sell, but don’t need to sell, now is still not the time.

Stay tuned for more updates, and check out the latest mortgage rates at SteveRussellOnline.com.

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