National Association of Realtors has good news about Foreclosures!

In the coming months, home sales could see an increase, according to statistics on the state of the countries real estate market started showing a surprising strength. The National Association of Realtors’ (NAR) index of pending home sales rose 5% in the month of June to 102.4, the NAR announced on Wednesday. Other economists had predicted the market would fall by .6% in June and that foreclosures would rise. The increase in the index was the biggest in 3 years, however it is up from the month of May, which was the second lowest reading on record. The only month to have weaker home sales was September of 2001, the month of the terrorist attack. The June reading is still 8.6% below that of the June reading a year ago, even with the increase, showing that a weakness still exists in the market, as does the number of foreclosure filings. The pending home sales index tracks sales ahead of closing-usually a month or two ahead by tracking when sales agreements are signed. The NAR was not willing to say that the real estate market has turned around, however it did state that the rise in the index is a positive sign and it is possible lower foreclosure rates could follow. The senior economist for the NAR states that it is too early to be able to tell if the country’s home sales have hit bottom, but that with the steep decline that has already occurred, future declines should be less steep.