Great news released by NAR! Pending Home Sales Nationally are up for the eighth month in a row! The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8. That gain of 21.2% is huge and something which the nation should be proud of! However it is something which is not totally unexpected, asides from excellent market conditions for buyers, the first time homebuyer tax credit as well as the new credit and low mortgage rates can take the credit for the rise in pending sales. Lawrence Yun, NAR's chief economist, who was not so long ago in our region had this to say about the news: “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month...Home values will stabilize...That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.” Locally here in the Midwest the index rose 8.1 percent which is very encouraging. It is estimated that there are now 3 million renters who would qualify to purchase a new home - so what more can you say? Now is the time to get off the fence! All very positive news for the country and for the greater Ann Arbor region! Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs. Search all listings in Michigan with pictures and tours...Free! Kathy Toth & Team: Ann Arbor Area Real Estate Experts www.KathyToth.com Keller Williams Realty