Pending home sales rose 21.1% in March over 2009 numbers. The big driver was the expiration of the first time home buyer credit. Contracts had to be signed by the end of March to qualify. Nevertheless, these numbers are encouraging.

The National Association of Realtors' (NAT)' index stood at 102.9, up 5.3% It should be noted that pending sales lead existing sales by one to two months.

Separately, the Commerce Department released their numbers on manufactured goods. Excluding defense, factory orders were up 1.3%. Non defense capital goods, excluding aircraft were up 4.5%

Sales of existing homes plunged 17% in December, the sharpest drop since records began in 1968. The sales pace fell to 5.45 million annual rate from 6.54 pace the previous month.

Part of the reason for the drop was attributed to the termination of the first $8,000 tax credit for first time buyers. That kept buyers away from the market. Since then Congress has extended the tax credit. Realtors expect a pick up in sales going into the Spring season.

The minutes of the recent Federal Reserve Meeting showed a continued concern over housing. Some members of the committee favored continued purchases of mortgage backed securities. The Fed is scheduled to end its purchase of $1.25 trillion of mortgage backed securities by the end of March. Those in this group held that pulling the plug in March was too soon.

Some members were comfortable with the current stabilization in the housing market and argued that ending the program was the right policy move. Fed officials said that in general, they see continued improvement in the housing market going forward.

If you're worried about the value of your home, 2010 could bring a little bit of good news. The National Association of Realtors reported Friday that home prices could edge 4% higher next year. In 2009, home prices declined by 13%. The association's chief economist, Lawrence Yun, says, "Going into 2010, I anticipate that prices will also begin stabilizing or begin to modestly improve." He continues, "I don't think the fear factor will be at play in 2010."

First-time buyers taking advantage of a range of incentives -- including an $8,000 tax credit -- accounted for 47% of transactions this year, up from 41% in 2008. With the credit extended to April 30, 2010, there's hope that first-timers will continue to breathe some life into the real estate market. According to Yun, approximately 2 million people gobbled up the tax advantage.

A year ago, Manhattan homeowners lived within the firm grasp of the worst recession in 70 years. A skyrocketing real estate market seemed ready to come back to Earth, as carnage in the financial services industry – which spread to just about every other business – decimated incomes and net worths throughout the city.

From the second quarter to the third, this year, the sale of co-ops and apartments spiked between 46% and 69% according to several reports from the real estate business. Sales are still lower than last year, but the recovery has been nothing short of amazing (to the chagrin of those of us who had dreams of one day moving up from the rental class).

Prudential Douglas Elliman reported a price increase of almost 2% from the second quarter, though the median was down 8% to 18% from last year – to the $760,000 to $850,000 range. Jonathan Miller, president and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm, calls this good news, but cautions that it doesn't mean we're at the bottom.

Anne Lacombe, spokeswoman for the Corcoran Group, a real estate broker involved in the transaction, said the home was under contract for more than asking but did not have information on the exact amount, buyer or closing date, according to the Associated Press.