Market Update
INFO THAT HITS US WHERE WE LIVE Last Tuesday the National Association of Realtors reported pending home sales were UP 5.3% in March over February, and UP 21.1% over March of last year. This gain in contracts on existing homes, following February's 8.3% rise, indicates a nice boost should be coming in existing home sales for April. Buyers who signed contracts before the end of March now have till the end of June to qualify for their homebuyer tax credit.
In other news, a major mortgage insurance company reported the risk of a decline in home prices decreased in the last quarter of 2009 in 93% of the 384 markets they track. They put this decrease to declining foreclosure starts and improved affordability, thanks to attractive prices, low mortgage rates and increasing personal income.
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