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September 2008 will be looked back at as the bottom!
WASHINGTON (August 7, 2008) –       The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May.
      Lawrence Yun, NAR chief economist, said sales have been in a pattern of rising and falling within a fairly narrow range.  "The vacillation of data from one month to the next indicates a housing market in transition," he said.  "The rise in pending home sales was broad-based with all four regions showing gains.  This is welcome news because a rise in contract activity is necessary for an overall housing recovery.  With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009."
 
 
Here it comes!!!
Adam
www.adamrich.com
 
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