Pending home sales surge in October
Pending home sales leaped in October, with broad based strength around the country. The latest numbers contrast sharply with the lousy new home sales figures we recently got, suggesting that the used home market continues to capture the imagination of buyers. They're seeking out the best values, and right now, that means distressed used homes at attractive -- even fire sale -- prices. While I don't expect a vigorous recovery in housing, the data continues to point to stabilization. That's a definite step in the right direction.