Home contracts leap higher

[centsgirl]

Contracts for the sale of existing homes went up sharply in February, could be indicating a second surge of home sales due to the extended homebuyer tax credit.

In the single biggest monthly rise ever since October 2001, the National Association of Realtor s' Pending Home Sales Index rose 8.2% in February to 97.6 from a downwardly revised 90.2 in January. The increase surprised economists surveyed by Briefing.com, who was expecting a 1% decrease.

The report only measures signed real estate contracts, but not completed sales, for existing single-family homes, condos and co-ops. Pending home sales are considered a forward looking indicator since many of the contracts don't result in completed transactions for many weeks or months.

[Rae74]

It does seem like the housing market is moving up to the good,but you really can't tell yet.A lot of people are trying to buy homes but some get started to find out that they are not in a position to buy right now.

Some of the statistics are false and the market is not really climbing as quick as the politicians would like to fool us into thinking it is.I wish they would realize that they will only just us worse by lying and causing us to get into loans that we can't handle or we will be worse off then we are now.