On The Rise

Pending Home Sales ROSE by 6.4% in August to 103.8, its highest level since March 2007. According to Mr. Wood, "Pending home sales increased in August for the seventh consecutive month, suggesting that a bottom has been reached in existing home sales and a moderate recovery is underway. However, the level of home re-sales is still extremely low and any rebound is likely to be modest, especially in the near term. Some of the recent strength is due to first-time homebuyers attempting to close transactions before the federal government's tax incentives expire at the end of November."