Lawrence Yun, Chief Economist of the National Association of REALTORS®, forecasts home sales to come in at their highest pace since 2006. "The good news is that pending sales in recent months have remained stable and should support a modest gain in home sales heading into the summer." Yun describes the absence of first-time buyers as the missing link to a full housing recovery. He reports that the housing market has come a long way since the depths of the recession. Mortgage delinquency rates have subsided to near pre-crisis levels and home prices have rebounded substantially in a majority of metro areas, which in turn has boosted household wealth for many homeowners.