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Home Purchase Contracts Rise for Second Consecutive Month
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Home Purchase Contracts Rise for Second Consecutive Month
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Home Purchase Contracts Rise for Second Consecutive Month
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January 12, 2012 (Chris Moore)

Home buyers who have been waiting on the sidelines watching mortgage rates fall to record lows and housing prices sinking to their lowest levels in almost a decade may finally be jumping into the market as contract signings for home purchases increased for the second consecutive month according to the National Association of Realtors® (NAR)

Contract signings rose by 7.3 percent in November as the Pending Home Sales Index (PHSI) increased from 93.3 in October to 100.1, which follows a 10.4 percent increase in October.

The increase in contract activity in November lifted the Index 5.9 percent higher than last year when it stood at 94.5. NAR said that some of the gains may have resulted from delayed contracts from buyers who recommitted after running into previous contract problems, but it was still welcome news.

Lawrence Yun, chief economist of NAR, stated, “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead.”

Turning contract signings into closed deals continues to remain a challenge for NAR members. For the second consecutive month, nearly one in three NAR members reported at least one contract cancellation in November. (See: Contract Failures Remain Elevated for the Second Consecutive Month)

“Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage,” Yun added.

All four of the regions in the Index posted an increase in their monthly level of sales contract activity and three of the four regions were higher than the levels posted a year ago.

In the Northeast, monthly contract signings increased by 8.1 percent to 77.1 and was the only region to post a decline from a year ago of 0.3 percent. The West region posted the largest increase in monthly contract signings, rising 14.9 percent to 121.2, and was 2.9 percent higher than in November of 2010.

In the South, monthly contract signings rose 4.3 percent to 103.8 and was 8.7 percent higher than November 2010, and in the Midwest, the Index increased 3.3 percent to 91.6 and was 9.5 percent higher than a year ago.

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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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.
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January 12, 2012 (Chris Moore)

Home buyers who have been waiting on the sidelines watching mortgage rates fall to record lows and housing prices sinking to their lowest levels in almost a decade may finally be jumping into the market as contract signings for home purchases increased for the second consecutive month according to the National Association of Realtors® (NAR)

Contract signings rose by 7.3 percent in November as the Pending Home Sales Index (PHSI) increased from 93.3 in October to 100.1, which follows a 10.4 percent increase in October.

The increase in contract activity in November lifted the Index 5.9 percent higher than last year when it stood at 94.5. NAR said that some of the gains may have resulted from delayed contracts from buyers who recommitted after running into previous contract problems, but it was still welcome news.

Lawrence Yun, chief economist of NAR, stated, “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead.”

Turning contract signings into closed deals continues to remain a challenge for NAR members. For the second consecutive month, nearly one in three NAR members reported at least one contract cancellation in November. (See: Contract Failures Remain Elevated for the Second Consecutive Month)

“Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage,” Yun added.

All four of the regions in the Index posted an increase in their monthly level of sales contract activity and three of the four regions were higher than the levels posted a year ago.

In the Northeast, monthly contract signings increased by 8.1 percent to 77.1 and was the only region to post a decline from a year ago of 0.3 percent. The West region posted the largest increase in monthly contract signings, rising 14.9 percent to 121.2, and was 2.9 percent higher than in November of 2010.

In the South, monthly contract signings rose 4.3 percent to 103.8 and was 8.7 percent higher than November 2010, and in the Midwest, the Index increased 3.3 percent to 91.6 and was 9.5 percent higher than a year ago.

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.

January 12, 2012 (Chris Moore)

Home buyers who have been waiting on the sidelines watching mortgage rates fall to record lows and housing prices sinking to their lowest levels in almost a decade may finally be jumping into the market as contract signings for home purchases increased for the second consecutive month according to the National Association of Realtors® (NAR)

Contract signings rose by 7.3 percent in November as the Pending Home Sales Index (PHSI) increased from 93.3 in October to 100.1, which follows a 10.4 percent increase in October.

The increase in contract activity in November lifted the Index 5.9 percent higher than last year when it stood at 94.5. NAR said that some of the gains may have resulted from delayed contracts from buyers who recommitted after running into previous contract problems, but it was still welcome news.

Lawrence Yun, chief economist of NAR, stated, “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead.”

Turning contract signings into closed deals continues to remain a challenge for NAR members. For the second consecutive month, nearly one in three NAR members reported at least one contract cancellation in November. (See: Contract Failures Remain Elevated for the Second Consecutive Month)

“Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage,” Yun added.

All four of the regions in the Index posted an increase in their monthly level of sales contract activity and three of the four regions were higher than the levels posted a year ago.

In the Northeast, monthly contract signings increased by 8.1 percent to 77.1 and was the only region to post a decline from a year ago of 0.3 percent. The West region posted the largest increase in monthly contract signings, rising 14.9 percent to 121.2, and was 2.9 percent higher than in November of 2010.

In the South, monthly contract signings rose 4.3 percent to 103.8 and was 8.7 percent higher than November 2010, and in the Midwest, the Index increased 3.3 percent to 91.6 and was 9.5 percent higher than a year ago.

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.