According to recent data released by the National Association of Realtors, pending home sales during May experienced a significant jump after declining in April.
The NAR index of pending home sales increased 8.2 percent during the month, following an 11 percent decline during April. The jump was much higher than the 3 percent prediction many economists had forecast.
April's figures were down due to economic pressures that included gasoline cost increases, inclement weather impacts, and the nation's high jobless rate. However, as the prices of homes continued to decline, more buyers entered the market during May.
The continued low interest rates for mortgages have enticed more prospective homebuyers into the real estate market. While some lenders have tightened their standards, consumers with good credit scores are still able to take advantage of the low rates and cheap homes on the market.
To attain better credit scores, consumers can work with credit lawyers to ensure their credit reports are accurate and free from unverifiable negative marks. Furthermore, prospective homeowners should continue to manage their credit accounts responsibly, paying off debts on time and in full each billing cycle.
With a large inventory of foreclosed properties still affecting the market, consumers with a good credit standing should be able to utilize the current downward trend of the housing sector to their advantage.