Pending Home Sales Index rises
The Pending Home Sales Index from the National Association of Realtors rose in March for the second consecutive month and is up 1.6% higher than a year ago, with a 3.2% gain to 84.6 from February, when it was 82. According to Lawrence Yun, NAR's chief economist, it may still take a while before the market gains enough momentum to firmly state that the downturn has been reversed, because the upturn may have been boosted by the first-time homebuyers tax credit, a temporary measure that will lapse in December.
As usual, the consensus forecast of industry experts polled by Briefing.com was wrong - they had predicted no increase in the index. The economists at Briefing.com aren't doing too well in the predicting department these days, are they? It seems like every other day I'm digging up news of how this or that expectation was off by a mile.
www.TexasHomesAndLoans.com and www.RealEstateMagician.net
Carlos Salinas
"Real Estate Magician"
