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Another Dose of Bad News for Housing Market
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Another Dose of Bad News for Housing Market
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Another Dose of Bad News for Housing Market
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July 27, 2012 (Chris Moore)

The housing industry received another dose of bad news this month as contract signings for home purchases fell in June. This comes on the heels of reported declines in both existing home sales earlier this week and in new home sales reported two days ago.

It was the second time in the last three months that contract signings have declined, falling 1.4 percent to 99.3 in June according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

Despite the decline in contract signings, the Index was still 9.5 percent higher than in June of last year when the Index was at 90.7 and left the Index at roughly the same level as two years ago when home buyers were rushing to beat the end of the home buyer tax credit program.

Lawrence Yun, chief economist of NAR, stated, “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities. We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

Three of the four regions in the Index posted declines in their monthly level of sales contract activity, but all four still outperformed the previous year’s sales activity.

The West recorded the only increase in monthly signed contracts, climbing 2.6 percent from May. The Northeast posted the largest decrease, falling 7.6 percent from the previous month while the South and the Midwest saw declines of 2.0 and 0.4 percent, respectively.

Compared to June 2011, the Midwest was 17.3 percent higher, the Northeast improved 12.2 percent and the South and the West saw activity improve by 8.8 and 3.0 percent, respectively.

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

Tags: pending home sales, existing home sales, contract signings, contract cancellations

Source:
NAR

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July 27, 2012 (Chris Moore)

The housing industry received another dose of bad news this month as contract signings for home purchases fell in June. This comes on the heels of reported declines in both existing home sales earlier this week and in new home sales reported two days ago.

It was the second time in the last three months that contract signings have declined, falling 1.4 percent to 99.3 in June according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

Despite the decline in contract signings, the Index was still 9.5 percent higher than in June of last year when the Index was at 90.7 and left the Index at roughly the same level as two years ago when home buyers were rushing to beat the end of the home buyer tax credit program.

Lawrence Yun, chief economist of NAR, stated, “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities. We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

Three of the four regions in the Index posted declines in their monthly level of sales contract activity, but all four still outperformed the previous year’s sales activity.

The West recorded the only increase in monthly signed contracts, climbing 2.6 percent from May. The Northeast posted the largest decrease, falling 7.6 percent from the previous month while the South and the Midwest saw declines of 2.0 and 0.4 percent, respectively.

Compared to June 2011, the Midwest was 17.3 percent higher, the Northeast improved 12.2 percent and the South and the West saw activity improve by 8.8 and 3.0 percent, respectively.

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

Tags: pending home sales, existing home sales, contract signings, contract cancellations

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
LOANRATEUPDATE
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 LoanRateUpdate. 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
LOANRATEUPDATE
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.

July 27, 2012 (Chris Moore)

The housing industry received another dose of bad news this month as contract signings for home purchases fell in June. This comes on the heels of reported declines in both existing home sales earlier this week and in new home sales reported two days ago.

It was the second time in the last three months that contract signings have declined, falling 1.4 percent to 99.3 in June according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

Despite the decline in contract signings, the Index was still 9.5 percent higher than in June of last year when the Index was at 90.7 and left the Index at roughly the same level as two years ago when home buyers were rushing to beat the end of the home buyer tax credit program.

Lawrence Yun, chief economist of NAR, stated, “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities. We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

Three of the four regions in the Index posted declines in their monthly level of sales contract activity, but all four still outperformed the previous year’s sales activity.

The West recorded the only increase in monthly signed contracts, climbing 2.6 percent from May. The Northeast posted the largest decrease, falling 7.6 percent from the previous month while the South and the Midwest saw declines of 2.0 and 0.4 percent, respectively.

Compared to June 2011, the Midwest was 17.3 percent higher, the Northeast improved 12.2 percent and the South and the West saw activity improve by 8.8 and 3.0 percent, respectively.

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

Tags: pending home sales, existing home sales, contract signings, contract cancellations

Source:
NAR

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
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.