April pending home sales rose as prices tumble. According to a real estate trade group,home sales in April rose to its highest level in six months as foreclosures properties flooded the market and drove prices sharply lower. This is much needed good news in the real estate industry.
Christopher Low,chief economist at FTN Financial in New York said the pickup in pending home sales could be a sign that housing market could soon be stabilizing. He also said that there is still inventory overhang that will take 18 months to work through. But he feels that the end game of the housing burst is near.
This good news should hopefully bring out more home buyers who have been hesitant to make that decision of buying a house. While there are a lot of inventories to choose from and interest rates still near historic lows,this is still a great time for home buyers to buy a house now.
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