According to the National Association of Realtors, pending home sales were up 7.4% in August, the largest gain in almost seven years. This unexpected increase has been credited to the increasing availability of more affordable housing as home prices have fallen and mortgage interest rates continue to be cut. In the western portion of the United States, there was actually an incredible 18.64% increase in August from the downturn of pending home sales in July. With the possibility of 30-year fixed rate mortgages going up to 6.6% by the end of 2009, now is definitely a great time to buy a home!
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