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October pending home sales bounced 10.4 percent compared to September, according to the National Association of Realtors Midwest, up 24 percent.

The Northeast also saw sizeable gains, as did the South. Only out West did buyers stay on the sidelines, with pending home sales there basically flat month to month.

The boune more than recovered the loss through declines over the past three months. The National Association of Realtors (NAR) announced a 10.4% increase in the Pending Home Sales Index (PHSI) in October, rising to 93.3. This follows a decrease of 4.6% in September and modest declines in July.

Pending Home Sales Jump in October
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data …
http://www.realtor.org/press_room

Greater Ft. Lauderdale Area Pending Home Sales Rise 25% in …
Total October cumulative pending home sales – including single-family homes and condominiums – in Broward County were 0.7 percent below what they were a year earlier, down from 7653 to 7704, and were down 0.1 …
http://www.worldpropertychannel.com/

Miami Pending Home Sales in October Rise 10% Over Last Year …
(MIAMI, FL) — According to the Miami Association of Realtors, October cumulative pending home sales – including single-family homes and condominiums – in Miami-Dade County were 10 percent above what they were a year …
http://www.worldpropertychannel.com/

Behind the Numbers: Pending Home Sales Rise – Developments …
After slipping for three consecutive months, an index that tracks the number of U.S. home buyers signing contracts to purchase previously occupied homes jumped in October, reaching the highest level of this year.
http://blogs.wsj.com/developments/

Strong showing for October pending sales | New Jersey Real Estate …
Pending home sales soared more than 10% in October and remain above year-ago levels, in a hopeful sign for the nation’s housing market, according to the National Association of Realtors. NAR’s pending home sales index, …
http://njrereport.com/?s=make+money+online&q=http://www.etoro.com/B503_A25509_TClick.aspx

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Pending Home Sales

The number of contracts to purchase previously owned homes surprisingly rose 2.4 percent in June 2011 as home buyers tried to take advantage of lower prices and borrowing costs, figures from the National Association of Realtors(NAR) also showed today. The increase in pending home resales followed an 8.2 percent May gain.   The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said today in Washington.Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey.

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The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months.

http://www.realtor.org/press_room/news_releases/2011/06/pending_may

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The Pending Home Sales Index rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months.

“Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery.

“Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”

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The Pending Home Sales Index rose 5.2% to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1% below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NARs chief economist, cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

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Total pending home sales in the Miami-Dade County increased 40.5 percent in July 2010, when compared to the July 2009 numbers. This real estate  includes single-family style homes and condominiums. Even though the tax credit, which helped boost the South Florida real estate market, expired, Miamia-Dade Couny has shown impressive signs as it continues to strengthen.

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“As the leading advocate for private property rights, NAR believes it is critical for Congress to act soon and to get capital flowing to small businesses and to the commercial real estate market,” Jim Helsel, treasurer of the National Association of Realtors, told the House Committee on Financial Services. He explained that raising the SBA loan limits and allowing the SBA 504 loans to be used to refinance property can help ease the liquidity crisis in the commercial sector. He went on to articulate that the NAR strongly supports the H.R. 3380 because it is projected to raise the credit union member business lending cap from 12.25 percent to 25 percent of total assets. Small regional and community banks make up for close to half of the small business loans issued in the United States. Needless to say, available credit unions increase the credit accessible by small businesses.
Source: NAR

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Source: The Wall Street Journal, Nathan Becker (07/30/10)

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