3 million renters are well qualified to buy median priced homes

Pending home sales are up this month again, making it the eight consecutive monthly gain which is the longest consecutive amount since the pending home index began in 2001. This information is comes from the National Association of REALTORS® pending home sales index and is based on contracts signed in September '09. Contracts signed for home purchase in September rose 6.1 percent to 110.1 from a 103.8 percent in August.

This marks the greatest annual increase and puts the index at the its peak level since December 2006. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home.

If you are in need of representation to make a home purchase yourself, call or email us to service your needs. 949-355-9520.