March Pending Home Sales Rise

March pending home sales showed an increase, possibly pointing to glimmers of recovery in the housing market. This news comes as a pleasant surprise for many, offering the second month in a row that pending home sales have risen. CNN Money reports on the numbers for March pending home sales:

Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.

There are hopes that this could mean that the housing market meltdown is coming to an end. Indeed, it is rather helpful that pending home sales are on the rise. Help from low mortgage interest rates, government incentives (such as tax credits) and lower home prices are probably contributing to the recovery.