6.1 Percent Rise in Pending Home Sales

In September, pending home sales have risen. The housing market has been rebounding from the worst downturn in decades. The volume of signed contracts to buy previously occupied homes rose for the eighth straight month in September. Buyers scrambled to take advantage of the $8000 tax credit for first-time owners which expires at the end of November. An aggressive federal intervention to lower mortgage rates has brought more buyers into the market..

Pending sales stats:

West ↑ 10%

Midwest ↑ 8%

South ↑ 5%

Northeast ↓ 2%

Congress is currentyl moving to extend the credit to buyers who sign a sales agreement by April 30 of 2010. Lawmakers also want to add a $6,500 credit for buyers moving into other homes as long as they have been living in their current residence at least 5 years.

With foreclosures still on the rise, an extended and expanded tax credit would help absorb this incoming inventory.