For the second consecutive month, a reversal to the downward trend in home re-sales

In October, there had been an increase in the number of accepted contracts on existing homes (combined). This news implies that the slowdown in U.S. housing may not be as extreme as many had thought.

The National Association of Realtors, a trade group comprised of real estate professionals, indicated that pending sales of houses had increased 1.4% in September. There was an additional increase in October of .6%. These increases in accepted contracts followed the largest decreases since 2001.

NAR had indicated that, on  a national basis, the median home price had decreased 1.9% in 2007. They expect an increased of .3% in 2008.

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