Even as uncertainty grips the stock market and banks avoid lending, there are hints of resilience in the housing market.

Pending Sales Are Up
An index of pending home sales increased a surprising 7.4 percent in August, according to the National Association of Realtors. Pending sales were up strongly in California, Nevada, Arizona, Florida, Rhode Island and the District of Columbia region.

Increase In Foreclosure Activity Slows
The number of properties with at least one foreclosure notice increased 27 percent to 303,879 in August, up from 239,851 in the same month a year earlier. That was actually a smaller increase than in previous months and may indicate foreclosures are slowing.

Prices For Existing House Prices On The Rise
The median sales price for an existing home increased about 5 percent to $206,500 between April and July, up from $196,100 the preceding quarter.

Help For Homeowners
• Countrywide Financial has agreed to modify the home loans of up to 400,000 borrowers through a program that could save homeowners an estimated $8.4 billion. The company, recently acquired by Bank of America, took the action to settle lawsuits brought by officials in 11 states who accused the company of deceptive lending practices.

• The federal Hope for Homeowners program began Oct. 1 with a goal of encouraging mortgage servicers and lenders to modify home loans to avoid foreclosure.

• Nine states have created mortgage refinance funds to help borrowers avoid foreclosure. And 20 states have partnered with the Homeownership Preservation Foundation to provide consumer counseling hotlines.
GANNETT NEWS SERVICE