Indicator confirms direction of housing market... The National Association of REALTORS reported that pending home sales are up for the fifth consecutive month. NAR's forward-looking Pending Home Sales Index for June indicates signed contracts rose 3.6 percent to an index level of 94.6 from an upwardly revised reading of 91.3 in May. This is significant because the last time there were five consecutive monthly gains was in July 2003. "Historically low mortgage interest rates, affordable home prices, and large selection are encouraging buyers who've been on the sidelines," says Lawrence Yun, NAR chief economist. "Market activity has been consistently stronger for lower priced homes." This makes perfect sense given the First Time Home Buyer Incentives.
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