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Steady Mortgage Rates Contribute to Housing Market Improvements

Posted by Bonnie Martin Designated Broker on Thursday, July 5th, 2012 at 1:31pm. - It was good news this past week for housing when data for pending home sales showed an unexpected jump in May.

According to the National Association of Realtors, pending homes sales, which represents the number of contracts signed, increased 5.9% to 101.1 from 95.5 in April. Construction Spending also rose 0.9% in May, according to the Commerce Department, which was the biggest gain since December. While some area markets are stabilizing, S&P/Case-Shiller Index of Property Values showed that the decline in home prices during the month of April was at the lowest since November, 2010. Home prices are still down even as the housing market sees some improvement.

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