Pending sales rose by 6.1 percent nationwide during the month of September, pushed in part by consumer concerns that the $8,000 tax credit might expire at the end of the month, which we now know won't happen.

The pending home sale index, compiled monthly by the National Association of Realtors, was up 21 percent higher this September compared with September of 2008. That's the biggest year-over-year increase in the history of the index, dating back to 2001.

Plus the September gain in pending sales was the eighth straight month of higher numbers and that's also a record for the index. Pending sales were up by 10.2 percent in the Western states, 8.1 percent in the Midwest, 5 percent in the South.  Only the Northeast saw a decline, and that was by 2 percent.

Some economists caution that the index is likely to see a tapering off during the winter and holiday months, when fewer people are shopping.  Other economists question whether that seasonal pattern might be overridden by the short term extension, and expansion, of the tax credit through next June.

The recovery looks like it's well on track.                 K Harvey, Realty Times