Enticed by tumbling housing prices, more Americans signed contracts to buy homes in December despite widespread concerns about the economy, The National Association of Realtors reported.

The National Association of Realtors said that pending home sales rose 6.3 percent in December from a month earlier, with strong gains in the South and Midwest. The number of pending home sales — those in which a buyer has signed a contract hasn’t closed — were up 2.1 percent from December 2007.

“We’ve got some up-turns that are encouraging to us,” said Jed Smith, director for quantitative research of the Realtors’ group. “It’s the direction we like to see.”

But economists cautioned that December could prove to be nothing more than a bump in real-estate’s long slide.

“They rebounded from an all-time low, so the level is still low,” said Patrick Newport, United States economist at IHS Global Insight. “Sales are going to continue sliding because the recession is intensifying. Banks have tightened credit since last year, and they’re not easing up.”

The number of pending sales for 2008 was down 9.5 percent from 2007 — a sign of the toll that the tight credit markets had inflicted on the flagging housing market. The Commerce Department reported that new-home sales in December fell to an annual rate of 331,000, their lowest point on record.

So do you think that The National Association of Realtors are correct with their assumptions?

Read the complete story from the New York Times

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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