AgentMarkets & Economy

A stabilization for housing?

Higher sales a ray of hope among foreclosures, unemployment

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Pending sales of resale homes grew 6.4 percent from July to August, hitting the highest level in about two years, the National Association of Realtors reported -- it was the seventh straight month of increase for the group's pending sales index.Pending sales are sales where an offer has been accepted but the sale has not yet closed. Even though some pending sales never close, pending sales are an indicator of current buyer activity. This increase can be attributed to low interest rates, a pickup in foreclosure sales, and improved affordability. The Associated Press Economic Stress Index indicated that foreclosures stabilized in June in the three states hardest hit by the housing downturn: Florida, Nevada and California. The California Association of Realtors reported that the statewide median home price for resale homes rose for the sixth month in a row in August, with sales dropping 5.1 percent from July to August but up 9 percent compared to August 2008.HOUSE HUNTING TIP: The i...