Pending Home Sales Up

According to the National Associaon of Realtors, pending home sales increased as more buyers took advantage of improved affordability conditions. Big gains in the South and Midwest helped declines in other regions. The Pending Home Sales Index rose 6.3 percent to 87.7 from 82.5 in November, and is 2.1 percent higher than December 2007 when it was 85.9. The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month. Great news!