Andre Shambley

By Alan Zibel

Pending home sales rose 7.4 percent from July to August, an unexpected piece of positive news for the battered U.S. housing market.

The National Association of Realtors said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007.

Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one- to two-month lag before a sale is completed.

Wall Street economists surveyed by Thomson/IFR had predicted the index would fall to 84.9.

The index, which sunk to a record low of 83 in March, stood at 85.8 in August 2007.

Sales are picking up in places that have seen the most severe declines in housing prices - including California, Florida Nevada and Arizona, plus Rhode Island and the Washington, D.C. area, said Lawrence Yun, the trade group's chief economist. Still, Yun does not expect home prices to rebound until next year and only expects a modest gain of 2 to 3 percent in 2009.

A major unknown is how the worldwide financial crisis and economic slump will affect the housing market.

The latest effort by the central bank came Wednesday, when the Fed and six other major central banks around the world slashed interest rates Wednesday in an attempt to prevent a mushrooming financial crisis from becoming a global economic meltdown.

The Fed reduced a key rate from 2 percent to 1.5 percent. In Europe, which also has been hard hit by the financial crisis, the Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank sliced its rate by half a point to 3.75 percent. Also cutting rates were the central banks of China, Canada, Sweden, and Switzerland.

There's no guarantee, though, that mortgage rates will match the Fed's cut.

That's because long-term interest rates, which influence 30-year mortgages, don't always move in sync with the Fed's action, which lowered the interest rate banks charge each other on overnight loans.

However, the Fed action will reduce borrowing costs almost immediately for U.S. bank customers whose home equity and other floating-rate loans are tied to the prime interest rate.

5 New Zealand kiwifruit
1/2 cup sugar
1/4 cup water
1 Tbsp. lemon juice
1 Tbsp. butter
1 cup strawberries, stemmed and quartered
1 cup (1/2-inch) chunks pineapple
4 large scoops vanilla ice cream

Peel and slice kiwifruit into 1/4-inch thick slices; reserve. Combine sugar and water in a skillet and bring to a boil over medium heat. Boil 3 to 4 minutes or until sauce thickens slightly. Whisk in lemon juice and butter. Stir in kiwifruit, strawberries and pineapple and remove from heat. Make a pool of sauce and fruit on four dessert plates. Place a scoop of ice cream in center of each plate. Serve immediately.

Makes 4 servings.

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The Miami Real Estate market is one of the most dynamic in the US. When searching for houses in Miami or pre-construction condos, it is best to work with real estate agents specializing in South Florida. Keyes agents have expertise in waterfront houses, apartments, lofts and condos throughout -South Florida, including Miami Beach and Aventura. If your interests go beyond Pre-Construction Condos or houses, we work with you to buy and sell commercial properties in the most efficient way.

The Keyes Company is a full-service real estate company whose heritage can be traced back to a small, one-desk office opened on Biscayne Boulevard in Miami in 1926 by Kenneth Keyes. The company has become a legend in South Florida real estate and is now one of the largest firms in the country.

As an independently-owned family business, Keyes has served the residential and commercial real estate needs of South Florida families, neighborhoods and business communities for over 80 years. Today, Keyes has over 1,800 associates in 30 branch offices located throughout Dade, Broward, Palm Beach, Martin and Volusia counties as well as in Panama. Keyes is a founding member of the Leading Real Estate Companies of the World and consistently ranks among the Top 100 real estate companies in the country as measured by both sales and volume.

Take advantage of the turmoil going on in the Market! Now is the time for investors and all buyers to BUY!!!!

If you are taking money out of the market, you need to invest in something else, and REAL ESTATE is the only alternative. REAL ESTATE is a solid investment because it can never go down to ZERO like other intangible investments can. REAL ESTATE will always have value!

AGENTS advertise your listings, notify all of your contacts and show them what bargains there are in the REAL ESTATE market right now!

Turn the negative news everyone is hearing into a positive for them and for you!!!!

NOW IS THE TIME!!!