Archive for the 'Pending Home Sales' Category
Was The Pending Home Sales Report Really That Bad? It Depends Who You Ask — Buyer Or Seller.
July 12th, 2010 categories: Pending Home Sales
The Pending Home Sales Index plunged in May 2010, just one month after the expiration of the federal home buyer tax credit program.
The Pending Home Sales Index is now at a record-low level.
A “pending home sale” is an existing home under contract to sell, but not yet closed. According to the National Association of Realtors®, 80 percent of homes under contract close within 60 days.
Because of this timeline, we can expect the summer’s Existing Home Sales to be weak, too. With fewer homes going under contract, fewer homes can close.
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May 2010 Existing Home Sales Is Better Than The Headline Data Suggests
June 24th, 2010 categories: Existing Home Sales, Home Price Index, Home Values, Household Finances, Housing Starts, New Home Sales, Pending Home Sales, Sellers
Existing Home Sales dropped in May for the first time in 3 months but still managed to post its second-highest since November 2009, buoyed by the expiring federal tax credit program.
An “existing home” is a home that cannot be considered new construction; a resale of an existing home. Existing Home Sales fell 2.2 percent in May.
The press is calling the drop in sales “unexpected” and disappointing, but a deeper look at the data shows the news isn’t as bad as it first appears.
First, on a regional basis, sales were mostly solid. Only the Northeast region posted a loss. The West even managed a gain.
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Pending Home Sales Data Shows Great Deals On Homes Are Getting Harder To Find
June 3rd, 2010 categories: Pending Home Sales
The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying in Farragut and across the county.
A “pending home sale” is a home that’s under contract to sell but not yet closed.
Region-by-region, April’s pending home sales varied versus March’s data:
- Northeast Region: +29.5%
- Midwest Region : +4.1%
- South Region : -0.6% (after a +15.9% posting in March)
- West Region : +7.5%
On an annual basis, the Pending Home Sales Index is higher by 22 percent.
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Your Mortgage Approval Isn’t Final Until It’s Funded…
May 14th, 2010 categories: Adjustable Rate Mortgages, Existing Home Sales, FHA Mortgages, Market Trends, Mortgage Guidelines, Mortgage Rates, Pending Home Sales
Every Been To A Dry Closing??
That is where the loan doesn’t get funded at the time of the closing. We are seeing it more and more here in Knoxville at closing.
A mortgage approval is never final until it’s funded.
A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
MSN Money ran a summary piece on the topic titled “10 Things That Can Kill A Home Loan“.
It’s an excellent article because, unlike most “get approved” articles that advise against things like buying a car before closing, or opening a bunch of new credit cards, the MSN Money piece addresses more uncommon factors that can lead to a similar loan turndown.
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Knoxville Sales Are Up…
April 30th, 2010 categories: Case-Shiller Index, Home Price Index, Home Values, Market Trends, Pending Home Sales, Sellers
PRICES ARE STILL FLAT…WHY??
The Sales in the Knoxville Real Estate market have been up over the last few months. Mostly because of low interest rates and the tax credits that end today. But the prices remain flat and it is really just excess inventory that is coming off the market.It is going to take a major drop in the Knoxville real estate inventory before we see and increase in prices. Earlier this week, Standard & Poors released its February Case-Shiller Index, a home price tracker for select metropolitan areas.
Overwhelmingly, home values fell in the 20 markets tracked by the Case-Shiller. Only San Diego showed a modest increase. The other 19 markets averaged a 1.23 percent decline between January and February.
However, that’s not the story you read in the most papers. Instead, headlines read that home values were up in the United States, citing annualized data.
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Knoxville Home Resales Boom Into The End Of The Tax Credit And Around The Country
April 28th, 2010 categories: Buyers, Existing Home Sales, Home Values, Homebuyer Tax Credit, Market Trends, Pending Home Sales, Statistics
Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February.
Furthermore, versus March 2009 — a month many people equate to the low point of the U.S. economy — sales volume was up 16 percent.
“Existing home sale” is the technical term for a home resale; a home previously inhabited by a person. It’s the opposite of a “new home sale” which is a sale of a newly-constructed home.
Existing Homes Data is tracked by the National Association of Realtors® and a closer look at the March data reveals some other interesting notes:
- Year-over-year sales are higher for the 9th straight month
- Real estate investors represented 19 percent of all homes purchased
- First-time home buyers account for 44 percent of all buyers
Also worth noting is that the supply of available homes is down on a broader basis. At the current rate of sales, the existing home inventory will be exhausted in 8 months.
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Knoxville TN Pending Home Sales Soar In February
April 7th, 2010 categories: Buyers, Market Trends, Pending Home Sales, Sellers, Statistics
As Expected Buyers Are Out In Force In Knoxville TN and Other Areas Around The Country..
Home buyers have been out in force in Knoxville and other areas around the country taking advantage of the tax credit and low interest rates.
As expected, the Knoxville TN Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline.
Versus the month prior, February’s index rose 8 percent but remains well off the highs set last October.
For today’s home buyers and seller, the Pending Home Sales Index is an important measurement. This is because a “pending home” is a property that is under contract to sell, but not yet closed.
According to the National Association of Realtors®, 80% of homes under contract close within 60 days, historically. Therefore, a higher Pending Sales figure in February projects that April’s Existing Home Sales will be higher, too.
If you’re a Knoxville home buyer today, no doubt you’ve noticed the extra market activity.
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Pending Home Sales Drag In January, But Should Rebound For Spring
March 5th, 2010 categories: Pending Home Sales
Fewer homes went under contract in January as the housing market continues to limp through the winter months.
According to the National Association of Realtors®, the Pending Home Sales Index fell to its lowest level in 3 quarters this January. By contrast, in October 2009, the index had touched a 3-year high.
The Pending Home Sales Index measures the number of homes that have gone under contract to sell, but have yet to close nationwide. It’s compiled using data from more than 100 regional listing services and 60-plus brokerages — the sample set encompasses 20 percent of all home resales in a given month.
Economists have come to rely on the Pending Home Sales Index because of its high correlation to actual home sales. 80% of all home marked “pending” close within 60 days. Many of the rest close within 120.
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