The Pending Home Sales Index, created by the National Association of Realtors, has shown a nationwide increase for the month of April. The Index is based on signed real estate contracts that have not yet closed for existing single-family homes and condos. (http://www.realtor.org/rmodaily.nsf/pages/News2009060201)
The $8,000 first-time buyer federal tax credit is also helping heat up the market. In order to take advantage of the credit, a transaction must be completed by November 30, 2009. The Summer months should see a great deal of activity as buyers are looking to take advantage of this tax benefit.
The Department of Housing & Urban Development (HUD) has also just announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.
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