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Home Purchase Contracts Slow in August
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Home Purchase Contracts Slow in August
The Easy Way to Shop For a Mortgage Loan
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Home Purchase Contracts Slow in August
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Signed contracts to purchase existing homes declined for a third consecutive month in August according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 1.6 percent to 107.7 in August from 109.5 in July but was still 5.8 percent higher than in August of last year when the Index was at 101.8. It was the third consecutive month that the Index has fallen.

In May of this year, the Index had reached its highest level in over six years but has been on the decline since then.

Lawrence Yun, chief economist of NAR, stated, “Sharply rising mortgage interest rates in the spring motivated buyers to make purchase decisions, culminating in a six-and-a-half-year peak for sales that were finalized last month. Moving forward, we expect lower levels of existing-home sales, but tight inventory in many markets will continue to push up home prices in the months ahead.”

Three of the four regions in the Index posted declines in their monthly level of sales contract activity, while all four regions reported a higher level of contract signings when compared to a year ago.

The South posted the largest monthly decline, falling 3.5 percent from the previous month while the West followed with a decline of 1.7 percent.

The Midwest suffered the smallest decline of 1.4 percent while the Northeast reported the only increase of 4.0 percent.

The Midwest reported the largest increase in contract signings compared to August of last year with a 13.8 percent increase followed by the Northeast which reported a gain of 5.1 percent while the South and the West reported annual increases of 3.7 percent and 1.7 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

Source:
National Association of Realtors

Reported by Chris Moore

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Signed contracts to purchase existing homes declined for a third consecutive month in August according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 1.6 percent to 107.7 in August from 109.5 in July but was still 5.8 percent higher than in August of last year when the Index was at 101.8. It was the third consecutive month that the Index has fallen.

In May of this year, the Index had reached its highest level in over six years but has been on the decline since then.

Lawrence Yun, chief economist of NAR, stated, “Sharply rising mortgage interest rates in the spring motivated buyers to make purchase decisions, culminating in a six-and-a-half-year peak for sales that were finalized last month. Moving forward, we expect lower levels of existing-home sales, but tight inventory in many markets will continue to push up home prices in the months ahead.”

Three of the four regions in the Index posted declines in their monthly level of sales contract activity, while all four regions reported a higher level of contract signings when compared to a year ago.

The South posted the largest monthly decline, falling 3.5 percent from the previous month while the West followed with a decline of 1.7 percent.

The Midwest suffered the smallest decline of 1.4 percent while the Northeast reported the only increase of 4.0 percent.

The Midwest reported the largest increase in contract signings compared to August of last year with a 13.8 percent increase followed by the Northeast which reported a gain of 5.1 percent while the South and the West reported annual increases of 3.7 percent and 1.7 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

Source:
National Association of Realtors

Reported by Chris Moore

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.

Signed contracts to purchase existing homes declined for a third consecutive month in August according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 1.6 percent to 107.7 in August from 109.5 in July but was still 5.8 percent higher than in August of last year when the Index was at 101.8. It was the third consecutive month that the Index has fallen.

In May of this year, the Index had reached its highest level in over six years but has been on the decline since then.

Lawrence Yun, chief economist of NAR, stated, “Sharply rising mortgage interest rates in the spring motivated buyers to make purchase decisions, culminating in a six-and-a-half-year peak for sales that were finalized last month. Moving forward, we expect lower levels of existing-home sales, but tight inventory in many markets will continue to push up home prices in the months ahead.”

Three of the four regions in the Index posted declines in their monthly level of sales contract activity, while all four regions reported a higher level of contract signings when compared to a year ago.

The South posted the largest monthly decline, falling 3.5 percent from the previous month while the West followed with a decline of 1.7 percent.

The Midwest suffered the smallest decline of 1.4 percent while the Northeast reported the only increase of 4.0 percent.

The Midwest reported the largest increase in contract signings compared to August of last year with a 13.8 percent increase followed by the Northeast which reported a gain of 5.1 percent while the South and the West reported annual increases of 3.7 percent and 1.7 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

Source:
National Association of Realtors

Reported by Chris Moore

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.