July Pending Home Sales Rise to 2-Year High
Pending U.S. home sales rose more than expected in July to the highest level in more than two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.
And why wouldn't you rush to buy your first home right now? I would - if I wasn't already a homeowner...
* Huge tax credit
* Very affordable home prices
* Extremely low mortgage fixed rates
This is an opportunity of a lifetime and many Americans acknowledge that. The tax credit is set to expire on November, so we should expect a nice rebound. The 'temporary' nature of this rebound is unknown. Everyone should expect a winter slump, because it's seasonal. But will 'Johny come lately' crowds jump on board next year? Je ne sais pas...