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Home Purchase Contracts Highest in Five Years
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You're Now Reading:
Home Purchase Contracts Highest in Five Years
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.
You're Now Reading:
Home Purchase Contracts Highest in Five Years
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Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

April 27, 2012 (Chris Moore)

Contract signings for home purchases improved in March, rising 4.1 percent to 101.4 from 97.4 in February according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The boost in contract signings puts the Index 12.8 percent above March of last year when it was 89.9.

Lawrence Yun, chief economist of NAR, stated, “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good. The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

But cancelled purchase contracts continue to be a challenge for real estate agents as nearly one in three NAR members has reported at least one contract cancellation since October of last year.

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.

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

In the Midwest, the monthly Index fell by 0.9 percent to 93.3, followed by the Northeast, which saw activity decline by 0.8 percent to 78.2. In the West, the Index increased 8.7 percent to 108.0, while in the South, the Index improved by 5.9 percent to 114.1.

Compared to March 2011, the Northeast was 21.1 percent higher, the Midwest improved 16.9 percent and the South and the West saw activity improve by 10.6 and 8.7 percent, respectively.

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 MortgageLoanRateUpdate 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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

April 27, 2012 (Chris Moore)

Contract signings for home purchases improved in March, rising 4.1 percent to 101.4 from 97.4 in February according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The boost in contract signings puts the Index 12.8 percent above March of last year when it was 89.9.

Lawrence Yun, chief economist of NAR, stated, “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good. The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

But cancelled purchase contracts continue to be a challenge for real estate agents as nearly one in three NAR members has reported at least one contract cancellation since October of last year.

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.

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

In the Midwest, the monthly Index fell by 0.9 percent to 93.3, followed by the Northeast, which saw activity decline by 0.8 percent to 78.2. In the West, the Index increased 8.7 percent to 108.0, while in the South, the Index improved by 5.9 percent to 114.1.

Compared to March 2011, the Northeast was 21.1 percent higher, the Midwest improved 16.9 percent and the South and the West saw activity improve by 10.6 and 8.7 percent, respectively.

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.

April 27, 2012 (Chris Moore)

Contract signings for home purchases improved in March, rising 4.1 percent to 101.4 from 97.4 in February according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The boost in contract signings puts the Index 12.8 percent above March of last year when it was 89.9.

Lawrence Yun, chief economist of NAR, stated, “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good. The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

But cancelled purchase contracts continue to be a challenge for real estate agents as nearly one in three NAR members has reported at least one contract cancellation since October of last year.

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.

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

In the Midwest, the monthly Index fell by 0.9 percent to 93.3, followed by the Northeast, which saw activity decline by 0.8 percent to 78.2. In the West, the Index increased 8.7 percent to 108.0, while in the South, the Index improved by 5.9 percent to 114.1.

Compared to March 2011, the Northeast was 21.1 percent higher, the Midwest improved 16.9 percent and the South and the West saw activity improve by 10.6 and 8.7 percent, respectively.

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.