Home Purchase Contracts Decline in December but Still Higher than Last Year

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Home Purchase Contracts Decline in December but Still Higher than Last Year

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

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.

READY TO SPEAK TO A PROFESSIONAL?

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

Home Purchase Contracts Decline in December but Still Higher than Last Year

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

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.

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

Home Purchase Contracts Decline in December but Still Higher than Last Year

January 26, 2012 (Chris Moore)

Contract signings fell by 3.5 percent in December as the Pending Home Sales Index (PHSI) declined from 100.1 in November to 96.6 in December according to the National Association of Realtors® (NAR).

The decline in home purchase contracts follows two months of increases but still leaves the Index 5.6 percent higher than in December of 2010.

Lawrence Yun, chief economist of NAR, stated, “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period.”

A high level of contract failures has been added to an already difficult list of tasks for NAR members. For the third consecutive month, nearly one in three NAR members reported at least one contract cancellation in December. (See: Existing Home Sales Up, Contract Failures Still High)

“Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up. Housing affordability conditions are too good to pass up. Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales,” Yun added.

Most contract failures are caused by declined mortgage applications or low appraisals but can also be caused by home inspection problems and employment losses. Some sales are still completed after the contract delay; while others will go on to make another offer.

Three of the four regions in the Index experienced declines in their monthly level of sales contract activity while the same number of regions posted higher levels of activity than the previous year.

In the Northeast, monthly contract signings declined by 3.1 percent to 74.7, the West region fell 11.0 percent to 107.9 and the South posted a loss of 2.6 percent, falling to 101.1. The Midwest was the only region to experience a gain in monthly contract signings, increasing 4.0 percent to 95.3.

Compared to December 2010, the Midwest was 13.3 higher, the South gained 4.9 percent and the West was 3.7 percent higher while the Northeast posted the only year-over-year decline of 0.8 percent.

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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January 26, 2012 (Chris Moore)

Contract signings fell by 3.5 percent in December as the Pending Home Sales Index (PHSI) declined from 100.1 in November to 96.6 in December according to the National Association of Realtors® (NAR).

The decline in home purchase contracts follows two months of increases but still leaves the Index 5.6 percent higher than in December of 2010.

Three of the four regions in the Index experienced declines in their monthly level of sales contract activity while the same number of regions posted higher levels of activity than the previous year.

Compared to December 2010, the Midwest was 13.3 higher, the South gained 4.9 percent and the West was 3.7 percent higher while the Northeast posted the only year-over-year decline of 0.8 percent.

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 LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

January 26, 2012 (Chris Moore)

Contract signings fell by 3.5 percent in December as the Pending Home Sales Index (PHSI) declined from 100.1 in November to 96.6 in December according to the National Association of Realtors® (NAR).

The decline in home purchase contracts follows two months of increases but still leaves the Index 5.6 percent higher than in December of 2010.

Three of the four regions in the Index experienced declines in their monthly level of sales contract activity while the same number of regions posted higher levels of activity than the previous year.

Compared to December 2010, the Midwest was 13.3 higher, the South gained 4.9 percent and the West was 3.7 percent higher while the Northeast posted the only year-over-year decline of 0.8 percent.

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 LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS