Signs that housing industry is on the rebound

According to the National Association of Realtors, pending home sales rose 6.4 percent, more than doubling gains in July. This was the seventh gain in a row. The growth is contributed to declining home prices, government stimulus programs and low mortgage rates.

In the West, pending sales rose 16 percent and home values in 20 metropolitan cities climbed in July by the most in 4 years. All indications show that people are getting back into the market and the housing market is on the slow road to recovery.