July pending home sales rise to 2-year high

By ALAN ZIBEL, The Associated Press

8:45 a.m. September 1, 2009

WASHINGTON — A gauge of future U.S. home sales rose more than expected in July to the highest level in over two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

The report showed the housing market is rebounding faster than expected from its historic bust. Low prices and the looming expiration on Nov. 30 of a first-time homebuyers’ tax credit of up to $8,000 have spurred sales. Prices in much of the country have begun to rise from the depths of the slump. Continue reading “July pending home sales rise to 2-year high”