Pending home resales increase by largest percentage in over seven years

In more positive news for the real estate market, pending home sales increased in April for the fourth time in five months, Bloomberg.com reported this morning.

Home resales increased by 6.7 percent in April, the largest increase in more than seven years. Home resales had increased by 3.2 percent in March.

"Foreclosure-driven declines in values and tax incentives may put more homes within reach of first-time buyers, helping to stabilize the market and stemming the biggest drag on economic growth," the Bloomberg story states.

View Bloomberg's story on the April home sales increase.

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