It's hard to be optimistic when pending sales for the month of November have hit a 7-year low, but you just have to try.
There are so many factors working against home buyers like strict lending standards, recession, rising unemployment and the likelihood that their currant home isn't selling and/or the value has dropped too much. Even historically low interest rates have only caused a lot of people to refinance their currant mortgage.
The bright side? Well, we can only go up from here, right? It will be slow, but it will be in the right direction.
http://money.cnn.com/2009/01/06/real_estate/pending_home/index.htm?postversion=2009010614
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