Wishing Everyone A Relaxing & Safe Labor Day Weekend!!

Pending Home Sales Rise

Washington, September 02, 2010

Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

Yun added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.”

 

Our Office Has Moved Next Door: 

Come Visit Us at 5400 Indian Hill Boulevard - Diamondhead - MS

 

Real Estate Activity is BUSY!! Nationally and locally sales continue to rise!! The federal tax Incentive may have expired, but the great local real estate deals have not!!

 

Now you can listen to news, interviews, and in-depth reports on buying, selling, and owning a home - on air all the time, while visiting my website, by playing Real Estate Today. 

 

 

CONGRATULATIONS SAINTS -

LOOKING FORWARD TO 2010 SEASON!!                                                           

 

Did you know that purchasing a home in Mississippi is a great long-term investment.  Homeownership is still the number one way that Mississippi families build wealth.

 

NOW is a good time to buy!!

Housing inventory levels are high and interest rates are at historic lows.  Contrary to perceptions, conventional mortgages are widely available at favorable interest rates for the bulk of homebuyers.  You may contact me at jon.ritten@coldwellbanker.com for further details on how you can make a house your place to call HOME!

Buyers

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