Pending Home Sales

The national Association of realtors released a report today showing that pending home sales increased by 7.3% in November. the West showed the largest increase for pending home sales of 14.9%. In second place, with an 8.1% increase, was the Northeast. The national pending home sales increase was the largest since April 2010.

Obviously, with near historic low interest rates for home mortgages combined with property prices that have dropped 30% or more from their peak, and hopefully a stabilizing job market, all contributed to the November pending home sales increases.

My only reservation is the fact that this report was issued by the National Association of Realtors, who have taken a major hit in credibility with their under-reporting of the severity of the real estate market drop over the last 3 to 5 years.