Pending sales for the week ending August 9 were a startling 21.0 percent higher than one year ago, posting
900 sales as compared to 744 a year ago. While one week of such robust increase doesn't justify the opening
of stored champagne bottles, it is another welcome sign of reviving buyer demand. While a highly productive
number in its own right, the year-over-year increase is somewhat amplified by just how slow August of last year
was, as that is the specific month in which tightening lending standards began to take root.

New listings declined by 11.3 percent for the same time period comparison, and the total number of active
properties for sale is currently 6.4 percent lower than it was one year ago. With foreclosure and short sale
activity increasing, the declining supply underscores just how many traditional sellers are waiting this market
out by not placing their homes up for sale.