Everybody take a nice long look at today's Pending Home Sales Index from the National Association of Realtors, because it's just about the last positive picture we're going to see for a while.
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Yes, the index rose even more than expected, as buyers rushed in to take advantage of the home buyer tax credit.
And yes, those numbers will show up in Existing Home Sales in May and June, but then look out.
This index is based on contracts signed in August, and that's how the credit was set up; you had to sign your contract by April 30th and close by June 30th in order to get your $8000 if you're a first time buyer and $6500 if you're a move up buyer.
And then came May, traditionally the height of the spring housing season.
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