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Home Buying Hits the Skids
Home Buying Hits the Skids
Home Buying Hits the Skids
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The number of home buyers who signed contracts to purchase an existing home fell for the fourth consecutive month in September according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 5.6 percent to 101.6 in September from 107.6 in August and was 1.2 percent lower than in September of last year when the Index was at 102.8, the first time the Index has been lower than the previous year in 29 months.

In May of this year, the Index had reached its highest level in over six years but has been on the slide ever since.

Lawrence Yun, chief economist of NAR, stated, “Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity. In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases.”

All four of the regions in the Index posted declines in their monthly level of sales contract activity, while two of the four regions reported a higher level of contract signings when compared to a year ago.

The Northeast posted the largest monthly decline, falling 9.6 percent from the previous month followed by the West with a decline of 9.0 percent and the Midwest with a decline of 8.3 percent while the South posted the smallest decline of 0.4 percent.

The Midwest reported the largest increase in contract signings compared to September of last year with a 5.7 percent increase followed by the South which stayed 2.0 percent above last year. The West region suffered the largest decline of 9.8 percent compared to last year while the Northeast posted a 6.4 percent decline in contract signings.

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

Source:
National Association of Realtors

Reported by Chris Moore

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The number of home buyers who signed contracts to purchase an existing home fell for the fourth consecutive month in September according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 5.6 percent to 101.6 in September from 107.6 in August and was 1.2 percent lower than in September of last year when the Index was at 102.8, the first time the Index has been lower than the previous year in 29 months.

In May of this year, the Index had reached its highest level in over six years but has been on the slide ever since.

Lawrence Yun, chief economist of NAR, stated, “Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity. In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases.”

All four of the regions in the Index posted declines in their monthly level of sales contract activity, while two of the four regions reported a higher level of contract signings when compared to a year ago.

The Northeast posted the largest monthly decline, falling 9.6 percent from the previous month followed by the West with a decline of 9.0 percent and the Midwest with a decline of 8.3 percent while the South posted the smallest decline of 0.4 percent.

The Midwest reported the largest increase in contract signings compared to September of last year with a 5.7 percent increase followed by the South which stayed 2.0 percent above last year. The West region suffered the largest decline of 9.8 percent compared to last year while the Northeast posted a 6.4 percent decline in contract signings.

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

Source:
National Association of Realtors

Reported by Chris Moore

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.
Information You Can Use
Helpful Tools

The number of home buyers who signed contracts to purchase an existing home fell for the fourth consecutive month in September according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 5.6 percent to 101.6 in September from 107.6 in August and was 1.2 percent lower than in September of last year when the Index was at 102.8, the first time the Index has been lower than the previous year in 29 months.

In May of this year, the Index had reached its highest level in over six years but has been on the slide ever since.

Lawrence Yun, chief economist of NAR, stated, “Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity. In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases.”

All four of the regions in the Index posted declines in their monthly level of sales contract activity, while two of the four regions reported a higher level of contract signings when compared to a year ago.

The Northeast posted the largest monthly decline, falling 9.6 percent from the previous month followed by the West with a decline of 9.0 percent and the Midwest with a decline of 8.3 percent while the South posted the smallest decline of 0.4 percent.

The Midwest reported the largest increase in contract signings compared to September of last year with a 5.7 percent increase followed by the South which stayed 2.0 percent above last year. The West region suffered the largest decline of 9.8 percent compared to last year while the Northeast posted a 6.4 percent decline in contract signings.

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

Source:
National Association of Realtors

Reported by Chris Moore

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.
Information You Can Use

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