Pending resales up in February

Pending resales were UP in February, according to Courtney Schlisserman of Bloomberg News, who reported the story earlier this month.  According to the artlice,  “The index of purchase agreements, or pending home resales, rose 8.2 percent, the second biggest  gain on record and the largest since October 2001…”

She goes on to write (and a reason I strongly agree with) is that people suddenly got serious about purchasing a home because the clock is ticking on the Federal home-buyer credit.  Schlisserman also makes the point that a sustained increase of pending sales could occur if a credible job recovery were to begin.

Schlisserman broke down the numbers by region, pending resales in the Midwest jumped 22%, 9.2% in the South, 9% in the Northeast but they fell 4.8% in the West.