Pending Home Sales increased for the 6th straight month. July figures were considerably greater than was predicted.
There was a 3.2% increase to 97.6 for July when compared with June and a 12% jump from July 2008 when pending home sales were at 87.1.
The Housing Affordability Index remains at an all time high since this index recording began in 1970. Thus Nationally, the typical monthly mortgage payment is less than 25% of the monthly income of the average middle income of American Families.
NAR (National Association of Realtors) predicts 1.8-2 million first time home buyers will take advantage of the $8,000 tax credit available for them this year.
Seems Town & Country was right on the mark when we called ‘the bottom’ of the market first part of this year.