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Home Purchase Contracts Dip Slightly
Home Purchase Contracts Dip Slightly
Home Purchase Contracts Dip Slightly
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Signed contracts for home purchases continued to dwindle in October according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 0.6 percent to 102.1 in October from 102.7 in September and was 1.6 percent lower than in October of last year when the Index was at 103.8. It was the fifth consecutive month that the Index has declined.

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

Lawrence Yun, chief economist of NAR, stated, “The government shutdown in the first half of last month sidelined some potential buyers. In a survey, 17 percent of Realtors® reported delays in October, mostly from waiting for IRS income verification for mortgage approval.”

Two of the four the regions in the Index posted increases in their monthly level of contract signing activity and two of the four regions also reported a higher level of contract signings when compared to a year ago.

The Northeast posted the largest monthly increase in activity, rising 2.8 percent from the previous month followed by the Midwest with a gain of 1.2 percent. The South reported a decline of 0.8 percent while the West posted a decline of 4.1 percent.

The Northeast reported the largest increase in contract signings compared to October of last year with an 8.1 percent increase followed by the Midwest which stayed 3.2 percent above last year. The West region suffered the largest decline of 12.1 percent compared to last year while the South posted a 1.5 percent decline in contract signings.

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

“We could rebound a bit from this level, but still face the headwinds of limited inventory and falling affordability conditions. Job creation and a slight dialing down from current stringent mortgage underwriting standards going into 2014 can help offset the headwind factors,” Yun added.

Tags: pending home sales, existing home sales, contract signings

Source:
National Association of Realtors

Reported by Chris Moore

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Estimate your monthly mortgage payment
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Calculator
Determine how much car you can afford before buying
Learn About
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Loan Comparison
Compare 15 year and 30 year mortgage loans
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Signed contracts for home purchases continued to dwindle in October according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 0.6 percent to 102.1 in October from 102.7 in September and was 1.6 percent lower than in October of last year when the Index was at 103.8. It was the fifth consecutive month that the Index has declined.

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

Lawrence Yun, chief economist of NAR, stated, “The government shutdown in the first half of last month sidelined some potential buyers. In a survey, 17 percent of Realtors® reported delays in October, mostly from waiting for IRS income verification for mortgage approval.”

Two of the four the regions in the Index posted increases in their monthly level of contract signing activity and two of the four regions also reported a higher level of contract signings when compared to a year ago.

The Northeast posted the largest monthly increase in activity, rising 2.8 percent from the previous month followed by the Midwest with a gain of 1.2 percent. The South reported a decline of 0.8 percent while the West posted a decline of 4.1 percent.

The Northeast reported the largest increase in contract signings compared to October of last year with an 8.1 percent increase followed by the Midwest which stayed 3.2 percent above last year. The West region suffered the largest decline of 12.1 percent compared to last year while the South posted a 1.5 percent decline in contract signings.

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

“We could rebound a bit from this level, but still face the headwinds of limited inventory and falling affordability conditions. Job creation and a slight dialing down from current stringent mortgage underwriting standards going into 2014 can help offset the headwind factors,” Yun added.

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

Signed contracts for home purchases continued to dwindle in October according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The future contract signings indicator fell by 0.6 percent to 102.1 in October from 102.7 in September and was 1.6 percent lower than in October of last year when the Index was at 103.8. It was the fifth consecutive month that the Index has declined.

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

Lawrence Yun, chief economist of NAR, stated, “The government shutdown in the first half of last month sidelined some potential buyers. In a survey, 17 percent of Realtors® reported delays in October, mostly from waiting for IRS income verification for mortgage approval.”

Two of the four the regions in the Index posted increases in their monthly level of contract signing activity and two of the four regions also reported a higher level of contract signings when compared to a year ago.

The Northeast posted the largest monthly increase in activity, rising 2.8 percent from the previous month followed by the Midwest with a gain of 1.2 percent. The South reported a decline of 0.8 percent while the West posted a decline of 4.1 percent.

The Northeast reported the largest increase in contract signings compared to October of last year with an 8.1 percent increase followed by the Midwest which stayed 3.2 percent above last year. The West region suffered the largest decline of 12.1 percent compared to last year while the South posted a 1.5 percent decline in contract signings.

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

“We could rebound a bit from this level, but still face the headwinds of limited inventory and falling affordability conditions. Job creation and a slight dialing down from current stringent mortgage underwriting standards going into 2014 can help offset the headwind factors,” Yun added.

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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