Contracts to Purchase Homes Increase in January
Contracts to Purchase Homes Increase in January
Contracts to Purchase Homes Increase in January
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February 28, 2012 (Chris Moore)

Contract signings for home purchases increased by 2.0 percent in January as the Pending Home Sales Index (PHSI) increased from a revised 95.1 in December to 97.0 in January according to the National Association of Realtors® (NAR).

The December Index was revised downward from 96.6 to 95.1 which increased December’s decline from 3.5 percent to 5.0 percent.

Lawrence Yun, chief economist of NAR, stated, “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”

How many of the purchase contracts make it to closing remains to be seen. For the fourth consecutive month, nearly one in three NAR members reported at least one contract cancellation in January.

“Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up. Housing affordability conditions are too good to pass up. Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales,” Yun said in January.

Most contract failures are caused by declined mortgage applications or low appraisals but can also be caused by home inspection problems and employment losses. Some sales are still completed after the contract delay; while others will go on to make another offer.

Two of the four regions in the Index experienced declines in their monthly level of sales contract activity while all four of the regions posted higher levels of activity than the previous year.

In the South, monthly purchase contracts increased by 7.7 percent to 109.1, followed by the Northeast, which saw a gain of 7.6 percent to 78.2. The West fell 4.4 percent to 101.9 while the Midwest saw a monthly decline in purchase contracts of 3.8 percent to 88.1.

Compared to January 2011, the Midwest was 10.8 higher, the South gained 10.5 percent, the Northeast was 9.8 percent higher and the West was 0.7 percent higher than a year ago.

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, contract cancellations

Source:
NAR

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

February 28, 2012 (Chris Moore)

Contract signings for home purchases increased by 2.0 percent in January as the Pending Home Sales Index (PHSI) increased from a revised 95.1 in December to 97.0 in January according to the National Association of Realtors® (NAR).

The December Index was revised downward from 96.6 to 95.1 which increased December’s decline from 3.5 percent to 5.0 percent.

Lawrence Yun, chief economist of NAR, stated, “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”

How many of the purchase contracts make it to closing remains to be seen. For the fourth consecutive month, nearly one in three NAR members reported at least one contract cancellation in January.

“Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up. Housing affordability conditions are too good to pass up. Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales,” Yun said in January.

Most contract failures are caused by declined mortgage applications or low appraisals but can also be caused by home inspection problems and employment losses. Some sales are still completed after the contract delay; while others will go on to make another offer.

Two of the four regions in the Index experienced declines in their monthly level of sales contract activity while all four of the regions posted higher levels of activity than the previous year.

In the South, monthly purchase contracts increased by 7.7 percent to 109.1, followed by the Northeast, which saw a gain of 7.6 percent to 78.2. The West fell 4.4 percent to 101.9 while the Midwest saw a monthly decline in purchase contracts of 3.8 percent to 88.1.

Compared to January 2011, the Midwest was 10.8 higher, the South gained 10.5 percent, the Northeast was 9.8 percent higher and the West was 0.7 percent higher than a year ago.

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, contract cancellations

Source:
NAR

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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
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.
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February 28, 2012 (Chris Moore)

Contract signings for home purchases increased by 2.0 percent in January as the Pending Home Sales Index (PHSI) increased from a revised 95.1 in December to 97.0 in January according to the National Association of Realtors® (NAR).

The December Index was revised downward from 96.6 to 95.1 which increased December’s decline from 3.5 percent to 5.0 percent.

Lawrence Yun, chief economist of NAR, stated, “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”

How many of the purchase contracts make it to closing remains to be seen. For the fourth consecutive month, nearly one in three NAR members reported at least one contract cancellation in January.

“Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up. Housing affordability conditions are too good to pass up. Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales,” Yun said in January.

Most contract failures are caused by declined mortgage applications or low appraisals but can also be caused by home inspection problems and employment losses. Some sales are still completed after the contract delay; while others will go on to make another offer.

Two of the four regions in the Index experienced declines in their monthly level of sales contract activity while all four of the regions posted higher levels of activity than the previous year.

In the South, monthly purchase contracts increased by 7.7 percent to 109.1, followed by the Northeast, which saw a gain of 7.6 percent to 78.2. The West fell 4.4 percent to 101.9 while the Midwest saw a monthly decline in purchase contracts of 3.8 percent to 88.1.

Compared to January 2011, the Midwest was 10.8 higher, the South gained 10.5 percent, the Northeast was 9.8 percent higher and the West was 0.7 percent higher than a year ago.

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, contract cancellations

Source:
NAR

HOW LOANRATENETWORK
LOAN CENTER 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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
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.