Housing market reports released this week by the National Association of Realtors created cause for alarm when they reported pending home sales were down 16%. This measurement refers to contracts that are signed and properties that enter the escrow process. It's a forward looking indicator that offers a sales forecast for the next month. One of the reasons given for the decline was based on the $8000 tax credit for first time home buyers expiring. The credit was actually extended but there … [Read more...]