Pending home sales data released this morning showed an increase for the sixth consecutive month, and the highest in two years. The homeowner’s tax credit offer will come to an end in November of this year, and it is thought this may be the catalyst for figures to fall, although they are now 12% higher now, than for the same time last year.

Thousands of people have found themselves upside down on their mortgages in the past 12 months, and despite the current rise in pending sales contracts, new construction was reportedly down. The jump in home sales has given the stock market some legs, however, the Dow is currently positive some 20 points and expected to close in the green.