Seattle Home Mortgage – Rate watch

Pending Home Sales Soar to 2 Year High in July

Pending sales of previously owned U.S. homes raced to a two-year high in July. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed but not yet closed rose 3.2% to a reading of 97.6. This is the highest reading since June of 2007.

Pending home sales contracts have risen for a record six straight months.

In other housing news, Reuters conducted an independent survey among top economists on the future of home prices. The consensus: Home prices will increase in 2010. This further stresses the point that the time to buy at the bottom might be slipping away. Courtesy of Sierra Pacific.