A forward-looking indicator based on pending home sales shows the market is likely to stabilize in the months ahead, according to the Gulf Coast MLS statistics.The Pending Home Sales Index*, based on contracts signed in June, was higher from the downwardly revised May index but is below June 2006.The monthly gain is a increase over three years, since 2004.The increase occurred in all areas in Mobile County due to upcoming development and anticipated growth from new businessHowever, it is too early to say if home sales have already passed bottom. Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand.An index is a leading indicator for the housing sector, based on pending sales ...
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