Pending Home Sales Hit New Lows

According to a report released this week, the number of homes currently contracted for sale fell to an all time low since 2001. The decline was greater than expected by economists, and is testament to the fact that relief within the housing market has not yet been achieved. It is speculated that more conservative lending standards, as well as a lack of speculative buying, are the culprits to the continuing decline in home sales. As government officials continue to brainstorm ways to ease the housing crisis, economists are hopeful and expect an upswing in the second half of the year.

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