Is the national real estate comeback for real or just a head-fake? Bloomberg reports a 3.6 percent gain in the index of signed purchase agreements, marking five months, as of the end of June, of increasing contracts to buy previously owned homes. While this is good news, economists warn that we’re still far from a sustained recovery: unemployment is still on the rise, estimated to reach 10 percent by 2010, and personal incomes are decreasing. Economist David Sloan told Bloomberg: It’s a modest recovery, however these numbers are exceeding people’s expectations.
Pending Sales of Existing Homes in U.S. Surge 3.6% [Bloomberg]
Photo by Joe Cawley