Pending home sales move toward a reasonable demand figure, but within the context of the free-money down-payment program, only a fool would presume to propound a bullish stance.
The bears still have on their side record foreclosures, unprecedented negative equity, high unemployment, and a mortgage market wholly dependent upon government handouts.
To those considering a purchase, proceed with caution. Review 10 Key Charts to See Before You Buy Or Sell A Home. Check our projections of national price trends at The New Observations Forecast of Property Values.
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PRINT — Pending Home Sales Move Toward Equilibrium
Please forward questions, corrections, and reactions to comments below or send me an email. Please send an email if you would like to take out a new mortgage.
mike@mynewmortgage.com
housingstory.net 
Hi Greg, my guess is that we are years away from a normal market. thanks for your comment. mdw
Thank you. I can’t believe how many agents and brokers are giddy with the recent uptick in pending transactions. Let’s wait a few months to see how the loss of the tax credit affects the market before we celebrate the return of a decent market.