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  3. Pending Homes Sales Show a Slight Incline

Pending Homes Sales Show a Slight Incline

Posted on Sep 02, 2010

After a concerning decline in the pending home sales over the last few months, the National Association of Realtors (NAR) Pending Home Sales Index (PHSI) showed an incline of 5.2%!

 

Pending home sales reflect contracts that were signed during the 30 day period.  As the closing process can take a few months, the Pending Home Sales Index provides a look into the upcoming future of the real estate market. 

 

According to Lawrence Yun, Chief Economist for NAR, “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 homebuyers can improve their chances of getting a loan by staying well within their budget.”

 

Across the nation the PHSI rose in the Northeast, Midwest, South and the West. 

 

 

 

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