Arizona Home Sales Are Up

According to the National Association of Realtors (NAR), pending home sales in August experienced a 7.4% increase, the highest in seven years.  This came after a 2.7% decline in July.  The news is even better for home sales in the west, where increases were as high as 18.64%, particularly in California, Nevada and Arizona.  The depressed pending home sales in July were due mainly to the strict lending criteria in place through Fannie Mae and Freddie Mac before the government takeover.  After the takeover, pending home sales seem to have eased up and flourished in August.  The increase in sales has also been attributed to the lower home prices as well as continued cuts in mortgage rates.  Since the National Association of Realtors has predicted that the 30-year fixed-rate mortgage rate will increase to 6.6% by the end of 2009, now is a great time to buy a home!