My Real Estate Blog

According to the National Association of Realtors, pending home sales increased again in March, 5.3% over February, and 21.1% above March 2009. This data reflects contracts and not closings, which usually occur with a lag time of 1 to 2 months.

Lawrence Yun, NAR chief economist, said that favorable conditions have been working with the tax credit. The home buyer tax credit has definitely helped to stabilize the housing market. In the months following the tax credit, lower number of sales is expected. Later in 2010 and in 2011, home sales could become self sustaining, if the economy can add jobs at a respectable rate, with home prices stabilizing.

Another encouraging sign is the improvement in the availability for jumbo and second home mortgages. As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily open up.

Things are looking up. Anyone looking for a bargain, should not delay too long.