Further evidence that the housing market is in recovery mode is that signed contracts for previously owned homes throughout the nation rose to a two-year high in January.
According to the National Association of Realtors' Pending Home Sales Index, signed contracts in January increased 2 percent to 97.0 which is the highest reading since April 2010.
Economists had expected signed contracts to rebound by 1.0 percent after previously hearing there was a 3.5 percent fall, but signed contracts were up by 8.0 percent in the 12 months leading up to January.
There is definitely a beginning of a recovery for the housing market particularly with the supply of both new and previously owned homes on the market being chipped away in recent months.