The number of Americans who signed contracts to buy hoems ticked up in April to the highest level in three years, pointing to growth in home sales in the coming months.
But fewer homes for sale may be holding back sales in tight markets out West, such as Phoenix and Las Vegas. In those cities, many homeowners still owe more on their mortgages than their homes are worth.
Investors are still buying homes up also. There are fewer bank owned homes and short sales than in the past year. Although there are still many homeowners 'underwater' on their mortgages, these may be the people who are going to tough it out and keep their payments up to date.
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