Pending Home Sales Index - September 2009

As reported by CNNMoney.com - "Home sales contracts rise for 8th straight month":

The number of signed sales contracts to buy homes rose in September for the eighth straight month, according to a real estate industry report released Monday.

The September Pending Home Sales Index from the National Association of Realtors (NAR) spiked 6.1% to 110.1, consolidating a 6.4% gain in August. It was the index's highest level since December 2006, when it stood at 112.8.

The leap was far better than expected. A panel of analysts surveyed by Briefing.com had forecast a 1.2% rise.

No doubt the first-time homebuyer tax credit program is helping to boost sales. A large majority of this activity will subside if the first-time homebuyer tax credit program is not extended. The House is expected to vote and extend the credit on November 5, 2009. It also appears, in addition to the $8,000.00 credit expected to be extended to first-time homebuyers, that a new $6,500.00 credit will be offered to existing homeowners who have owned their homes for 3, 5, or 7 years.