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A major reading last week on the U.S. real estate sector showed that pending home sales, or completed sales contracts, rose 4.3% in August. This was the segment’s best performance since April of this year. As you might have heard, the U.S. housing market was a leading cause of the global economic meltdown, and while it is coming back, the forecast for growth is still tepid.

Part of the growth was a huge 24% increase in sales in the West. This was the best showing dating back to October 2009 levels. Additionally, there was a 14% monthly spike (on a seasonally adjusted basis) in resale sales. In all likelihood, reduced price foreclosure sales are driving the latest rise in existing and pending home sales.