First, pending home sales, based on contracts signed in August, jumped unexpectedly to the highest level since June 2007. According to Lawrence Yun, chief economist for the National Association of Realtors, this improvement was a result of improved affordability and lower interest rates.
In addition, the Mortgage Bankers Association reported that mortgage applications increased 2.2 percent last week due to lower home loan rates.
More pending home sales and loan applications mean more closed business. Paired with the expectation of freer credit moving forward and the $7,500 buyer tax credit, this is all promising news for the real estate industry."
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