More people looked to buy a home in May, as a new report from the National Association of Realtors found pending home sales increased.
According to NAR, the pending home sales index jumped 8.2 percent in May, a 13 percent rise compared to the same month a year ago. The surge in homebuying represents the largest monthly gain since November 2010 and biggest year-over-year increase since April 2010.
"Pending home sales have steadily climbed during seven of the previous 11 months," said Lawrence Yun, chief economist for NAR. "This solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace."
What may get in the way of more homes being snapped up is bad credit, as mortgage lenders take a borrower's credit score into account in the approval process. A credit attorney may be able to help consumers obtain a healthy credit score by identifying any unsubstantiated items that may be adversely affecting their three-digit numbers.