Pending Sales Index shows Positive

Despite the real estate slump, rising unemployment, and foreclosures the overall US pending sales index, according to National Association of Realtors, is positive for the month of April. Not only positive but has increased by 6.3% from March to April; the largest gain in at least 12 months. Although positive for now, it is still 13.1% below April’s rates of last year. Reasoning for this could be caused by significant home price drops especially in places like California, Arizona, and Florida where in some cases prices have dropped by 40%, discounting by banks that have repossessed, and low interest rates. As far as the south, sales pending rates have risen by 4.6% from March to April but down by 22.5% from last year; the worst of the 4 regions. However, the running average for pending sales in the south over the past 3 months has remained stable.

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