Tag Archives: Pending Home Sales

Industry data released Thursday showed that the number of contracts signed for home purchases climbed in October. The news came as a surprise to analysts and industry professionals who have been anticipating a continued falloff in buyer demand due to the typical seasonal slowdown in home sales, compounded by concerns that servicers' affidavit problems could muddy some transactions. The National Association of Realtors says its gauge of pending sales for previously owned homes rose 10.4 percent.

The number of contracts signed for purchases of previously owned homes unexpectedly dropped in September. The National Association of Realtors (NAR) said Friday that its pending home sales index slipped 1.8 percent - the first decline reported since June. Economists polled by Reuters were anticipating a 3 percent increase. The fact that the September drop occurred before all the problems with foreclosure affidavits came to light, and created uncertainties for buyers of REO properties, means there's likely more volatility to come in home sales statistics.

Buyers of REO homes owned by HUD may have their closing dates pushed back after this Friday, but the federal agency says any delays will be brief. Rumors have circulated from various corners of the industry that HUD is planning a moratorium on REO sales expected to close after the end of this week, but a spokesperson for the government agency stressed to DSNews.com, ""HUD is not suspending sales of HUD REO properties on November 5th or any other time. HUD's new asset managers will continue to list and sell HUD homes.""

Pending home sales have increased for the second month in a row, the National Association of Realtors (NAR) reported Monday. The trade group's index is a forward-looking indicator of home sales based on signed contracts. It rose 4.3 percent in August. Lawrence Yun, NAR's chief economist, says a continuing rise in the pending sales index is to be expected from favorable affordability conditions and possible job creation, but he warns that a sudden rise in mortgage rates could stall the recovery.

Following a sharp drop in the months immediately after the homebuyer tax credit expired, the National Association of Realtors' gauge for future sales of previously owned homes has risen. NAR reported Thursday that its Pending Home Sales Index, based on contracts signed in July, increased 5.2 percent from last month's reading. The month-to-month jump was an unexpected development, and some analysts say it may be a sign that the post-tax credit lull in home sales will soon come to an end.

After tumbling 30 percent in May in the wake of the expiration of the homebuyer tax credit, pending home sales continued to edge down in June, hitting the lowest level recorded in more than a year, the National Association of Realtors (NAR) reported Tuesday. NAR's pending sales index is a forward-looking indicator based on contracts signed during the month. It declined 2.6 percent from May to June, and is 18.6 percent below year-ago levels. The trade group says the weak numbers imply closing activity will languish at least through August.