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Home Purchase Contracts Highest in Five Years
Home Purchase Contracts Highest in Five Years
Home Purchase Contracts Highest in Five Years
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April 27, 2012 (Chris Moore)

Contract signings for home purchases improved in March, rising 4.1 percent to 101.4 from 97.4 in February according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The boost in contract signings puts the Index 12.8 percent above March of last year when it was 89.9.

Lawrence Yun, chief economist of NAR, stated, “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good. The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

But cancelled purchase contracts continue to be a challenge for real estate agents as nearly one in three NAR members has reported at least one contract cancellation since October of last year.

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 of the regions posted higher levels of activity than the previous year.

In the Midwest, the monthly Index fell by 0.9 percent to 93.3, followed by the Northeast, which saw activity decline by 0.8 percent to 78.2. In the West, the Index increased 8.7 percent to 108.0, while in the South, the Index improved by 5.9 percent to 114.1.

Compared to March 2011, the Northeast was 21.1 percent higher, the Midwest improved 16.9 percent and the South and the West saw activity improve by 10.6 and 8.7 percent, respectively.

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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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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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.

April 27, 2012 (Chris Moore)

Contract signings for home purchases improved in March, rising 4.1 percent to 101.4 from 97.4 in February according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The boost in contract signings puts the Index 12.8 percent above March of last year when it was 89.9.

Lawrence Yun, chief economist of NAR, stated, “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good. The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

But cancelled purchase contracts continue to be a challenge for real estate agents as nearly one in three NAR members has reported at least one contract cancellation since October of last year.

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 of the regions posted higher levels of activity than the previous year.

In the Midwest, the monthly Index fell by 0.9 percent to 93.3, followed by the Northeast, which saw activity decline by 0.8 percent to 78.2. In the West, the Index increased 8.7 percent to 108.0, while in the South, the Index improved by 5.9 percent to 114.1.

Compared to March 2011, the Northeast was 21.1 percent higher, the Midwest improved 16.9 percent and the South and the West saw activity improve by 10.6 and 8.7 percent, respectively.

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.
Information You Can Use
Helpful Tools

April 27, 2012 (Chris Moore)

Contract signings for home purchases improved in March, rising 4.1 percent to 101.4 from 97.4 in February according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).

The boost in contract signings puts the Index 12.8 percent above March of last year when it was 89.9.

Lawrence Yun, chief economist of NAR, stated, “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good. The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

But cancelled purchase contracts continue to be a challenge for real estate agents as nearly one in three NAR members has reported at least one contract cancellation since October of last year.

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 of the regions posted higher levels of activity than the previous year.

In the Midwest, the monthly Index fell by 0.9 percent to 93.3, followed by the Northeast, which saw activity decline by 0.8 percent to 78.2. In the West, the Index increased 8.7 percent to 108.0, while in the South, the Index improved by 5.9 percent to 114.1.

Compared to March 2011, the Northeast was 21.1 percent higher, the Midwest improved 16.9 percent and the South and the West saw activity improve by 10.6 and 8.7 percent, respectively.

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.
Information You Can Use

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