Monday, May 10, 2010

San Diego Real Estate: "Pending Home Sales- Rises 5.3%"

San Diego Real Estate: "Pending Home Sales- Rises 5.3%"
The Los Angeles Times had an interested article about rising home sales this past March 2010.
"The improvement was attributed to the expiring home buyer tax credit. The National Assn. of Realtors' sales contract index showed increases of 12.7% in the South and 1.9% in the West. Supported by a tax credit, a pending home sales index rose a seasonally adjusted 5.3% in March and was up 21.1% compared with a year earlier, the National Assn. of Realtors said Tuesday.

"The index tracks sales contracts on existing homes and is considered a good indicator of actual sales, which are recorded a month or two later at closing. For March, sales contracts rose 12.7% in the South, 1.9% in the West and 1.2% in the Midwest. Contracts declined 3.3% in the Northeast from a month earlier.
"Clearly the home buyer tax credit has helped stabilize the market," said Lawrence Yun, chief economist for the real estate lobbying group, in a statement. "In the months immediately following the expiration of the tax credit, we expect measurably lower sales."

To read the rest of the article, go to LA Times:,0,7504300.story

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