The number of contracts for previously owned homes increased in February. That’s right there was an 8.2% increase over last month but more importantly it was up 17.3% over the same period last year. While the monthly gain may be attributed to the impending end to the tax credit the year over year gain smooths out that wrinkle. Locally in the Philadelphia metropolitan area the gains were 6.85% month over month and 12.5% year over year. While I will agree with those who see a lag coming after the credit is gone (similar to the cash for clunkers) it is the possible beginning of something good.

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