Buyers of residential real estate have a little more to smile about in July than they did just a month prior. According to the National Association Realtors, pending home sales increased 3.2% from June to July, continuing an upward trend that has lasted for 6 months.
The index was created in 2001 and the 6 consecutive months of pending sale increases is an index record. Relative to July 2008, pending home sales are up over 12%.
It seems as though the first time home buyer tax credit is having a substantial impact on the middle class, residential home market.
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