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Pending Home Sales Decline in August
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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
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Pending Home Sales Decline in August
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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.
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Pending Home Sales Decline in August

September 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.2 percent to 88.6 in August according to the National Association of Realtors (NAR). This was the second consecutive monthly decline for the PHSI, but is still higher than August of last year.

Last year the Index was 7.7 percent lower at 82.3, however, the Index in August of last year was still feeling the affects of the lull in housing activity due to the end of the home buyer’s tax credit.

All regions but the South showed a decline in their monthly level of sales contract activity.

Pending home sales increased in the South by 2.6 percent to 96.9 and was 7.6 percent higher than a year ago, while in the West, pending home sales fell 2.4 percent to 108.1, but were 10.5 percent higher than in August of 2010.

In the Northeast, the PHSI slipped 5.8 percent to 63.6 in August, but was still 1.3 percent higher than August 2010, and in the Midwest, the index fell 3.7 percent to 76.2, but is 8.2 percent above a year ago.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future. But that isn’t always true.

In July, the PHSI was down 1.3 percent, much of which would be reflected in August’s Existing Home Sales report, but home sales in August jumped up 7.7 percent which was likely due to borrowers rushing to beat the new lower loan limits that take effect on October 1st, of which some lenders began adopting even back in August (see here).

Lawrence Yun, chief economist of NAR, once again stressed that tight credit was one of the primary reason for an underperforming housing market.

“We continue to experience a pattern in which financially qualified home buyers, willing to stay well within their means, are being denied credit – a factor in elevated levels of contract failures,” he said. “Based on the improving fundamentals of population growth, some job additions, rent increases and higher stock market wealth, we should be seeing existing-home sales closer to 5.5 million, but are expecting just over 4.9 million this year. The unnecessarily restrictive mortgage underwriting standards are attenuating the housing recovery and are a risk factor for the overall economy.” Yun stated.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

Source:
NAR

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.
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
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September 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.2 percent to 88.6 in August according to the National Association of Realtors (NAR). This was the second consecutive monthly decline for the PHSI, but is still higher than August of last year.

Last year the Index was 7.7 percent lower at 82.3, however, the Index in August of last year was still feeling the affects of the lull in housing activity due to the end of the home buyer’s tax credit.

All regions but the South showed a decline in their monthly level of sales contract activity.

Pending home sales increased in the South by 2.6 percent to 96.9 and was 7.6 percent higher than a year ago, while in the West, pending home sales fell 2.4 percent to 108.1, but were 10.5 percent higher than in August of 2010.

In the Northeast, the PHSI slipped 5.8 percent to 63.6 in August, but was still 1.3 percent higher than August 2010, and in the Midwest, the index fell 3.7 percent to 76.2, but is 8.2 percent above a year ago.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future. But that isn’t always true.

In July, the PHSI was down 1.3 percent, much of which would be reflected in August’s Existing Home Sales report, but home sales in August jumped up 7.7 percent which was likely due to borrowers rushing to beat the new lower loan limits that take effect on October 1st, of which some lenders began adopting even back in August (see here).

Lawrence Yun, chief economist of NAR, once again stressed that tight credit was one of the primary reason for an underperforming housing market.

“We continue to experience a pattern in which financially qualified home buyers, willing to stay well within their means, are being denied credit – a factor in elevated levels of contract failures,” he said. “Based on the improving fundamentals of population growth, some job additions, rent increases and higher stock market wealth, we should be seeing existing-home sales closer to 5.5 million, but are expecting just over 4.9 million this year. The unnecessarily restrictive mortgage underwriting standards are attenuating the housing recovery and are a risk factor for the overall economy.” Yun stated.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

Source:
NAR

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
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
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
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

September 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.2 percent to 88.6 in August according to the National Association of Realtors (NAR). This was the second consecutive monthly decline for the PHSI, but is still higher than August of last year.

Last year the Index was 7.7 percent lower at 82.3, however, the Index in August of last year was still feeling the affects of the lull in housing activity due to the end of the home buyer’s tax credit.

All regions but the South showed a decline in their monthly level of sales contract activity.

Pending home sales increased in the South by 2.6 percent to 96.9 and was 7.6 percent higher than a year ago, while in the West, pending home sales fell 2.4 percent to 108.1, but were 10.5 percent higher than in August of 2010.

In the Northeast, the PHSI slipped 5.8 percent to 63.6 in August, but was still 1.3 percent higher than August 2010, and in the Midwest, the index fell 3.7 percent to 76.2, but is 8.2 percent above a year ago.

The PHSI is a forward looking indicator which generally indicates closings one to two months in the future. But that isn’t always true.

In July, the PHSI was down 1.3 percent, much of which would be reflected in August’s Existing Home Sales report, but home sales in August jumped up 7.7 percent which was likely due to borrowers rushing to beat the new lower loan limits that take effect on October 1st, of which some lenders began adopting even back in August (see here).

Lawrence Yun, chief economist of NAR, once again stressed that tight credit was one of the primary reason for an underperforming housing market.

“We continue to experience a pattern in which financially qualified home buyers, willing to stay well within their means, are being denied credit – a factor in elevated levels of contract failures,” he said. “Based on the improving fundamentals of population growth, some job additions, rent increases and higher stock market wealth, we should be seeing existing-home sales closer to 5.5 million, but are expecting just over 4.9 million this year. The unnecessarily restrictive mortgage underwriting standards are attenuating the housing recovery and are a risk factor for the overall economy.” Yun stated.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

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?
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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
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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

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