Pending Homes Sales Increase to 6.4 Percent

Are you interested in pursuing a real estate career? Now might be the right time. According to an Associated Press news story on MSNBC.com, U.S. pending home sales have experienced seven consecutive months of gains - the highest since March 2007. Here are highlights from the story:

Construction spending rose in August. According to the release, this unexpected increase represents the biggest jump in housing activity in nearly 16years - a positive sign that the real estate market is recovering.

Sales and homebuilding influences are strong. A combination of the $8,000 tax credit, cheap foreclosures and low mortgage rates are powerful reasons to get off the fence and into the real estate market.

Growing support for extending the $8,000 tax credit. Over one dozen bills have been presented to Congress, pushing for an extension of the $8,000 first-time homebuyer tax credit.

In all but a few cities, home prices are slowly increasing. The slow, nationwide housing price increase is a reversal from a three-year descent. And, according to the release, bidding wars for discounted properties in hard-hit areas like Las Vegas and Phoenix are common.

NAR index of sales agreements - higher than expected. According to the National Association of Realtors, its index of sales agreements rose 6.4% from July to 103.8%, beating forecasts. It was the highest since March 2007 and 12% above a year ago. Economists surveyed by Thomson Reuters expected the index would rise to 98.6%.

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