Pending home sales were up nearly 4 percent over September levels.  More evidence that the housing market hit bottom months ago, October pending sales were a whopping 31.8 percent higher than in October 2008.

Pending sales reflect the number of pre-owned homes that are “under contract” but not yet closed.   Since homes are typically “contract pending” for a month or so, closing on these homes should take place in November or December. 

Before we Pop Champagne… Keep in mind that tight credit and dubious appraisals are wrecking havoc on closings.  But, compared to a year ago, SALES of 6.1 million EXISTING HOMES means sales are up a HUGE 23 percent this year.  So CHEERS!!!

If you are in the market for a home, there will never be a better time to buy than now.  Home sales are predicted to rise 11 percent in 2010 and 4 percent price increases are expected in most area’s of the country.   Another motivating factor for would-be investors and buyers,…it will be very difficult for the Fed to hold interest rates this low going forward. 

Thank you for visiting InfoTube.net  We have weathered the storm and better days are ahead.   If you are in the market for a home, check out InfoTube.net for some great deals!!