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Pending Home Sales Decline in July
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
Pending Home Sales Decline in July
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
Pending Home Sales Decline in July

August 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.3 percent to 89.7 in July according to the National Association of Realtors (NAR). This was the first decline for the PHSI after two months of gains, but still remains above the level of last year’s Index.

The PHSI is 14.4 percent above the 78.4 reading in July of last year. However, the Index in July of last year was extraordinarily low following the drop in housing activity due to the end of the home buyer’s tax credit.

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

Pending home sales increased in the West by 3.6 percent to 110.8 and was 20.6 percent higher than a year ago, while in the South, pending home sales fell 4.8 percent to 94.4, but were 9.5 percent higher than in July of 2010.

The PHSI also declined in the Northeast and the Midwest with the Northeast slipping 2.0 percent to 67.5 in July, but still 9.7 percent higher than July 2010, and in the Midwest, the index fell 0.8 percent to 79.1 in July, but is 18.8 percent above a year ago.

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

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

“The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process,” Yun stated.

Yun also said he felt the underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. In his opinion, it all now comes down to a question of lending standards and consumers having the confidence to enter the housing market.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, Washington policymakers, 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.
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.
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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
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YOU'VE WORKED HARD TO BUILD YOUR DREAM

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August 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.3 percent to 89.7 in July according to the National Association of Realtors (NAR). This was the first decline for the PHSI after two months of gains, but still remains above the level of last year’s Index.

The PHSI is 14.4 percent above the 78.4 reading in July of last year. However, the Index in July of last year was extraordinarily low following the drop in housing activity due to the end of the home buyer’s tax credit.

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

Pending home sales increased in the West by 3.6 percent to 110.8 and was 20.6 percent higher than a year ago, while in the South, pending home sales fell 4.8 percent to 94.4, but were 9.5 percent higher than in July of 2010.

The PHSI also declined in the Northeast and the Midwest with the Northeast slipping 2.0 percent to 67.5 in July, but still 9.7 percent higher than July 2010, and in the Midwest, the index fell 0.8 percent to 79.1 in July, but is 18.8 percent above a year ago.

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

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

“The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process,” Yun stated.

Yun also said he felt the underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. In his opinion, it all now comes down to a question of lending standards and consumers having the confidence to enter the housing market.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, Washington policymakers, 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

August 29, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 1.3 percent to 89.7 in July according to the National Association of Realtors (NAR). This was the first decline for the PHSI after two months of gains, but still remains above the level of last year’s Index.

The PHSI is 14.4 percent above the 78.4 reading in July of last year. However, the Index in July of last year was extraordinarily low following the drop in housing activity due to the end of the home buyer’s tax credit.

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

Pending home sales increased in the West by 3.6 percent to 110.8 and was 20.6 percent higher than a year ago, while in the South, pending home sales fell 4.8 percent to 94.4, but were 9.5 percent higher than in July of 2010.

The PHSI also declined in the Northeast and the Midwest with the Northeast slipping 2.0 percent to 67.5 in July, but still 9.7 percent higher than July 2010, and in the Midwest, the index fell 0.8 percent to 79.1 in July, but is 18.8 percent above a year ago.

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

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

“The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process,” Yun stated.

Yun also said he felt the underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. In his opinion, it all now comes down to a question of lending standards and consumers having the confidence to enter the housing market.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, Washington policymakers, 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?
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
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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