According to the National Association of Realtors,  pending sales of previously owned U.S. homes rose by 6.7 percent in April, the biggest monthly gain in 7-1/2 years, reinforcing evidence the U.S. recession is beginning to ease and the battered US housing sector is stabilizing.

“We’re delighted to see these positive figures,” said Gooden + Faircloth partner Rebecca Gooden.   “They’re actually in perfect synch with what our company has experienced since January.”

According to Reuters News Service, the downturn in the U.S. housing market touched off a global credit crisis that sent economies worldwide tumbling into recession. Now, signs are emerging that the global economy is beginning to heal.

Lawrence Yun, senior economist at NAR, credits improved home affordability and the government’s $8,000 tax credit for first-time homebuyers for the surge in U.S. buying activity.

Says Gooden of Gooden + Faircloth, “all of our buyers in the first half of ‘09 have been first-timers.   In fact, it is the market segment we’ve focused heavily on. The $8,000 Tax Credit has been a major draw of activity into the market.   We’d still like to see the credit expanded to all buyers, not just first-timers.  Housing is historically affordable right now.”

The NAR said its Housing Affordability Index, which blends factors like home prices and mortgage rates, was “in record territory” with 30-year mortgage rates hovering around 5 percent and an abundance of homes on the market

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Added Edward Faircloth, ” a recovery in the housing sector has been responsible for bringing the country out of 5 of the past 7 recessions.  It only makes sense that healing the housing industry should be a primary focus for the federal government stimulus programs.”

“Almost everyone,” says Faircloth, “agrees that a housing recovery is critical for a broader economic uptick, mainly because it was housing which kick started the recession.”