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Pending Home Sales Decline in August
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You're Now Reading:
Pending Home Sales Decline in August
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:
Pending Home Sales Decline in August
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September 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.2 percent to 88.6 in August according to the National Association of Realtors (NAR). This was the second consecutive monthly decline for the PHSI, but is still higher than August of last year.

Last year the Index was 7.7 percent lower at 82.3, however, the Index in August of last year was still feeling the affects of the lull in housing activity due to the end of the home buyer’s tax credit.

All regions but the South showed a decline in their monthly level of sales contract activity.

Pending home sales increased in the South by 2.6 percent to 96.9 and was 7.6 percent higher than a year ago, while in the West, pending home sales fell 2.4 percent to 108.1, but were 10.5 percent higher than in August of 2010.

In the Northeast, the PHSI slipped 5.8 percent to 63.6 in August, but was still 1.3 percent higher than August 2010, and in the Midwest, the index fell 3.7 percent to 76.2, but is 8.2 percent above a year ago.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future. But that isn’t always true.

In July, the PHSI was down 1.3 percent, much of which would be reflected in August’s Existing Home Sales report, but home sales in August jumped up 7.7 percent which was likely due to borrowers rushing to beat the new lower loan limits that take effect on October 1st, of which some lenders began adopting even back in August (see here).

Lawrence Yun, chief economist of NAR, once again stressed that tight credit was one of the primary reason for an underperforming housing market.

“We continue to experience a pattern in which financially qualified home buyers, willing to stay well within their means, are being denied credit – a factor in elevated levels of contract failures,” he said. “Based on the improving fundamentals of population growth, some job additions, rent increases and higher stock market wealth, we should be seeing existing-home sales closer to 5.5 million, but are expecting just over 4.9 million this year. The unnecessarily restrictive mortgage underwriting standards are attenuating the housing recovery and are a risk factor for the overall economy.” Yun stated.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

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.
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Tips
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Calculator
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Rates

September 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.2 percent to 88.6 in August according to the National Association of Realtors (NAR). This was the second consecutive monthly decline for the PHSI, but is still higher than August of last year.

Last year the Index was 7.7 percent lower at 82.3, however, the Index in August of last year was still feeling the affects of the lull in housing activity due to the end of the home buyer’s tax credit.

All regions but the South showed a decline in their monthly level of sales contract activity.

Pending home sales increased in the South by 2.6 percent to 96.9 and was 7.6 percent higher than a year ago, while in the West, pending home sales fell 2.4 percent to 108.1, but were 10.5 percent higher than in August of 2010.

In the Northeast, the PHSI slipped 5.8 percent to 63.6 in August, but was still 1.3 percent higher than August 2010, and in the Midwest, the index fell 3.7 percent to 76.2, but is 8.2 percent above a year ago.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future. But that isn’t always true.

In July, the PHSI was down 1.3 percent, much of which would be reflected in August’s Existing Home Sales report, but home sales in August jumped up 7.7 percent which was likely due to borrowers rushing to beat the new lower loan limits that take effect on October 1st, of which some lenders began adopting even back in August (see here).

Lawrence Yun, chief economist of NAR, once again stressed that tight credit was one of the primary reason for an underperforming housing market.

“We continue to experience a pattern in which financially qualified home buyers, willing to stay well within their means, are being denied credit – a factor in elevated levels of contract failures,” he said. “Based on the improving fundamentals of population growth, some job additions, rent increases and higher stock market wealth, we should be seeing existing-home sales closer to 5.5 million, but are expecting just over 4.9 million this year. The unnecessarily restrictive mortgage underwriting standards are attenuating the housing recovery and are a risk factor for the overall economy.” Yun stated.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

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.

September 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.2 percent to 88.6 in August according to the National Association of Realtors (NAR). This was the second consecutive monthly decline for the PHSI, but is still higher than August of last year.

Last year the Index was 7.7 percent lower at 82.3, however, the Index in August of last year was still feeling the affects of the lull in housing activity due to the end of the home buyer’s tax credit.

All regions but the South showed a decline in their monthly level of sales contract activity.

Pending home sales increased in the South by 2.6 percent to 96.9 and was 7.6 percent higher than a year ago, while in the West, pending home sales fell 2.4 percent to 108.1, but were 10.5 percent higher than in August of 2010.

In the Northeast, the PHSI slipped 5.8 percent to 63.6 in August, but was still 1.3 percent higher than August 2010, and in the Midwest, the index fell 3.7 percent to 76.2, but is 8.2 percent above a year ago.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future. But that isn’t always true.

In July, the PHSI was down 1.3 percent, much of which would be reflected in August’s Existing Home Sales report, but home sales in August jumped up 7.7 percent which was likely due to borrowers rushing to beat the new lower loan limits that take effect on October 1st, of which some lenders began adopting even back in August (see here).

Lawrence Yun, chief economist of NAR, once again stressed that tight credit was one of the primary reason for an underperforming housing market.

“We continue to experience a pattern in which financially qualified home buyers, willing to stay well within their means, are being denied credit – a factor in elevated levels of contract failures,” he said. “Based on the improving fundamentals of population growth, some job additions, rent increases and higher stock market wealth, we should be seeing existing-home sales closer to 5.5 million, but are expecting just over 4.9 million this year. The unnecessarily restrictive mortgage underwriting standards are attenuating the housing recovery and are a risk factor for the overall economy.” Yun stated.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

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.