According to a National Association of Realtors report released today and despite the recent bleak housing news following the expiration of the first-time homebuyer tax credit, pending home sales are showing some stability. The NAR’s Pending Home Sales Index, calculates the number of signed contracts nationwide. In July it increased 5.2 percent to 79.4 percent, compared to June. Nevertheless, July's index reading for the same month a year earlier was 19.1 percent less, leading Lawrence Yun, NAR's chief economist, to believe that a full recovery may be a long ways away. Yun said, "The recovery looks to be a long process. For those who bought at or near the peak several years ago... it may take over a decade to fully recover lost equity."
See Yun discuss the housing market above.
Contributed by Miami Luxury Villas
