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012.02.09 9 CONSECUTIVE GAINS FOR PENDING HOME SALES

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GREAT NEWS.

Daily Real Estate News | December 1, 2009

Nine Consecutive Gains for Pending Home Sales. Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the NATIONAL ASSOCIATION OF REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2. Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.” By Region * Pending sales in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago. * In the Midwest, the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008. * Sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago. * In the West, the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008. Not Out of the Woods Yet Yun cautioned that home sales could dip in the months ahead. “The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process. “Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Yun said. Source: NAR

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  • Nine Consecutive Gains for Pending Home Sales
    • Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the NATIONAL ASSOCIATION OF REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is
  • Pending Home Sales For October 2009 Up For Ninth Straight Month
    • The National Association of Realtors® (NAR) released its Pending Home Sales Index for October 2009 today. Pending sales unexpectedly rose 3.7% from the prior month. The index increased each of the last 9 months, and is now 28.6% higher than in October 2008. This is the largest annual increase ever recorded for the index. Economists had been expecting a decline
  • Pending Home Sales Rise for Ninth Consecutive Month
    • Pending Home Sales Rise for Ninth Consecutive Month RISMEDIA, December 2, 2009—Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001,according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7%
  • Pending Home Sales Data Forecasts Higher Home Values Next Month
    • When a home seller accepts a contract on an MLS-listed property, the property’s status changes from “Active” to “Pending”. This means the home is scheduled to sell, but not yet sold. Each month, the National Association of Realtors® tallies the number of pending homes and publishes the data as the Pending Homes Sales Index report. In October, for the 9th straight
  • Local, Chicago home prices up for the 5th straight month!
    • Local home prices up for 5th month Nov. 24, 2009 (AP) — An index of local home prices rose for the fifth straight month in September, further evidence that the housing market recovery is continuing. The Standard & Poor’s/Case-Shiller home price index for the Chicago area increased 1.1 percent from August on a seasonally adjusted basis. Local prices
  • Existing Home Sales In October 2009 Jump 10.1% For Month And 23.5% From Prior Year
    • The National Association of Realtors (NAR) announced on November 23, 2009 that existing home sales in October 2009 jumped 10.1% from the previous month to an annual rate of 6.10 million and were 23.5% above the October 2008 level of 4.94 million homes. Especially notable was the decline in the inventory of homes for sale, which fell 3.7% to 3.57 million
  • Extended Tax Credit = Extended Rise in Existing Home Sales
    • Existing home sales continue to rise. October sales increased solidly for the second straight month and showed the biggest percentage gain, 10.1%, in the last 10 years. Although the tax credit has been expanded and extended, first-time buyers were undoubtedly hurrying to meet the original Nov. 30th closing deadline and these strong sales brought the

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