We finally have the true makings of a strong and meaningful upturn in the U.S. housing market. Existing home sales were up, inventory was down, and now the pending homes sales are up, which should bode well for the numbers in the upcoming months. Clearly there is pent up demand.
How much demand?
Yun said. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”
The pressure is rising inside of this ‘boiling pot’ we call the housing market, and all that is needed to release the pressure is normal credit conditions. Congress. Banks, Fed – What are you waiting for?