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

The Pending Home Sales Index (PHSI) declined by 1.3 percent to 89.7 in July according to the National Association of Realtors (NAR). This was the first decline for the PHSI after two months of gains, but still remains above the level of last year’s Index.

The PHSI is 14.4 percent above the 78.4 reading in July of last year. However, the Index in July of last year was extraordinarily low following the drop in housing activity due to the end of the home buyer’s tax credit.

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

Pending home sales increased in the West by 3.6 percent to 110.8 and was 20.6 percent higher than a year ago, while in the South, pending home sales fell 4.8 percent to 94.4, but were 9.5 percent higher than in July of 2010.

The PHSI also declined in the Northeast and the Midwest with the Northeast slipping 2.0 percent to 67.5 in July, but still 9.7 percent higher than July 2010, and in the Midwest, the index fell 0.8 percent to 79.1 in July, but is 18.8 percent above a year ago.

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

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

“The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process,” Yun stated.

Yun also said he felt the underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. In his opinion, it all now comes down to a question of lending standards and consumers having the confidence to enter the housing market.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, Washington policymakers, 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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

August 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.3 percent to 89.7 in July according to the National Association of Realtors (NAR). This was the first decline for the PHSI after two months of gains, but still remains above the level of last year’s Index.

The PHSI is 14.4 percent above the 78.4 reading in July of last year. However, the Index in July of last year was extraordinarily low following the drop in housing activity due to the end of the home buyer’s tax credit.

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

Pending home sales increased in the West by 3.6 percent to 110.8 and was 20.6 percent higher than a year ago, while in the South, pending home sales fell 4.8 percent to 94.4, but were 9.5 percent higher than in July of 2010.

The PHSI also declined in the Northeast and the Midwest with the Northeast slipping 2.0 percent to 67.5 in July, but still 9.7 percent higher than July 2010, and in the Midwest, the index fell 0.8 percent to 79.1 in July, but is 18.8 percent above a year ago.

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

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

“The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process,” Yun stated.

Yun also said he felt the underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. In his opinion, it all now comes down to a question of lending standards and consumers having the confidence to enter the housing market.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, Washington policymakers, 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.

August 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.3 percent to 89.7 in July according to the National Association of Realtors (NAR). This was the first decline for the PHSI after two months of gains, but still remains above the level of last year’s Index.

The PHSI is 14.4 percent above the 78.4 reading in July of last year. However, the Index in July of last year was extraordinarily low following the drop in housing activity due to the end of the home buyer’s tax credit.

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

Pending home sales increased in the West by 3.6 percent to 110.8 and was 20.6 percent higher than a year ago, while in the South, pending home sales fell 4.8 percent to 94.4, but were 9.5 percent higher than in July of 2010.

The PHSI also declined in the Northeast and the Midwest with the Northeast slipping 2.0 percent to 67.5 in July, but still 9.7 percent higher than July 2010, and in the Midwest, the index fell 0.8 percent to 79.1 in July, but is 18.8 percent above a year ago.

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

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

“The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process,” Yun stated.

Yun also said he felt the underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. In his opinion, it all now comes down to a question of lending standards and consumers having the confidence to enter the housing market.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, Washington policymakers, 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.