Monday, May 04, 2009
Pendings Push Markets Higher
The Dow Jones rose over 214 points today driven mainly by good news in Real Estate markets. The Pending Home Sales Index from the National Association of Realtors rose in March for the second consecutive month and is up 1.6% higher than a year ago, with a 3.2% gain to 84.6 from February, when it was 82. According to Lawrence Yun, NAR's chief economist, it may still take a while before the market gains enough momentum to firmly state that the downturn has been reversed, because the upturn may have been helped along by the first-time homebuyers tax credit that will lapse in December.