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Home Purchase Contracts Decline in December but Still Higher than Last Year
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You're Now Reading:
Home Purchase Contracts Decline in December but Still Higher than Last Year
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Home Purchase Contracts Decline in December but Still Higher than Last Year
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January 26, 2012 (Chris Moore)

Contract signings fell by 3.5 percent in December as the Pending Home Sales Index (PHSI) declined from 100.1 in November to 96.6 in December according to the National Association of Realtors® (NAR).

The decline in home purchase contracts follows two months of increases but still leaves the Index 5.6 percent higher than in December of 2010.

Lawrence Yun, chief economist of NAR, stated, “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period.”

A high level of contract failures has been added to an already difficult list of tasks for NAR members. For the third consecutive month, nearly one in three NAR members reported at least one contract cancellation in December. (See: Existing Home Sales Up, Contract Failures Still High)

“Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up. Housing affordability conditions are too good to pass up. Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales,” Yun added.

Most contract failures are caused by declined mortgage applications or low appraisals but can also be caused by home inspection problems and employment losses. Some sales are still completed after the contract delay; while others will go on to make another offer.

Three of the four regions in the Index experienced declines in their monthly level of sales contract activity while the same number of regions posted higher levels of activity than the previous year.

In the Northeast, monthly contract signings declined by 3.1 percent to 74.7, the West region fell 11.0 percent to 107.9 and the South posted a loss of 2.6 percent, falling to 101.1. The Midwest was the only region to experience a gain in monthly contract signings, increasing 4.0 percent to 95.3.

Compared to December 2010, the Midwest was 13.3 higher, the South gained 4.9 percent and the West was 3.7 percent higher while the Northeast posted the only year-over-year decline of 0.8 percent.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future.

Tags: pending home sales, existing home sales, contract signings, contract cancellations

Source:
NAR

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January 26, 2012 (Chris Moore)

Contract signings fell by 3.5 percent in December as the Pending Home Sales Index (PHSI) declined from 100.1 in November to 96.6 in December according to the National Association of Realtors® (NAR).

The decline in home purchase contracts follows two months of increases but still leaves the Index 5.6 percent higher than in December of 2010.

Lawrence Yun, chief economist of NAR, stated, “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period.”

A high level of contract failures has been added to an already difficult list of tasks for NAR members. For the third consecutive month, nearly one in three NAR members reported at least one contract cancellation in December. (See: Existing Home Sales Up, Contract Failures Still High)

“Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up. Housing affordability conditions are too good to pass up. Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales,” Yun added.

Most contract failures are caused by declined mortgage applications or low appraisals but can also be caused by home inspection problems and employment losses. Some sales are still completed after the contract delay; while others will go on to make another offer.

Three of the four regions in the Index experienced declines in their monthly level of sales contract activity while the same number of regions posted higher levels of activity than the previous year.

In the Northeast, monthly contract signings declined by 3.1 percent to 74.7, the West region fell 11.0 percent to 107.9 and the South posted a loss of 2.6 percent, falling to 101.1. The Midwest was the only region to experience a gain in monthly contract signings, increasing 4.0 percent to 95.3.

Compared to December 2010, the Midwest was 13.3 higher, the South gained 4.9 percent and the West was 3.7 percent higher while the Northeast posted the only year-over-year decline of 0.8 percent.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future.

Tags: pending home sales, existing home sales, contract signings, contract cancellations

Source:
NAR

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 26, 2012 (Chris Moore)

Contract signings fell by 3.5 percent in December as the Pending Home Sales Index (PHSI) declined from 100.1 in November to 96.6 in December according to the National Association of Realtors® (NAR).

The decline in home purchase contracts follows two months of increases but still leaves the Index 5.6 percent higher than in December of 2010.

Lawrence Yun, chief economist of NAR, stated, “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period.”

A high level of contract failures has been added to an already difficult list of tasks for NAR members. For the third consecutive month, nearly one in three NAR members reported at least one contract cancellation in December. (See: Existing Home Sales Up, Contract Failures Still High)

“Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up. Housing affordability conditions are too good to pass up. Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales,” Yun added.

Most contract failures are caused by declined mortgage applications or low appraisals but can also be caused by home inspection problems and employment losses. Some sales are still completed after the contract delay; while others will go on to make another offer.

Three of the four regions in the Index experienced declines in their monthly level of sales contract activity while the same number of regions posted higher levels of activity than the previous year.

In the Northeast, monthly contract signings declined by 3.1 percent to 74.7, the West region fell 11.0 percent to 107.9 and the South posted a loss of 2.6 percent, falling to 101.1. The Midwest was the only region to experience a gain in monthly contract signings, increasing 4.0 percent to 95.3.

Compared to December 2010, the Midwest was 13.3 higher, the South gained 4.9 percent and the West was 3.7 percent higher while the Northeast posted the only year-over-year decline of 0.8 percent.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future.

Tags: pending home sales, existing home sales, contract signings, contract cancellations

Source:
NAR

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.