Pending Home Sales Decline for Third Consecutive Month
Pending Home Sales Decline for Third Consecutive Month
Pending Home Sales Decline for Third Consecutive Month
Helpful
Tools
Mortgage
Calculator

Estimate your monthly payment for a home purchase or refinance
Auto Loan
Calculator

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

Learn about mortgage loans to find the one that's right for you
15 Year vs 30 Year
Loan Comparison

Compare payments between a 15 year and 30 year mortgage loan
Today's Mortgage
Rates

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

October 27, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 4.6 percent to 84.5 in September according to the National Association of Realtors (NAR). This is the third consecutive month that the Index has posted a decline.

Contract activity still remained 6.4 percent higher than last year when the Index stood at 79.4.

All regions in the Index posted a decline in their monthly level of sales contract activity, but remained higher than the levels posted a year ago.

Pending home sales in the South declined by 5.5 percent to 91.6 but were 5.0 percent higher than a year ago, while in the West, pending home sales fell 2.1 percent to 105.8, but were 5.6 percent higher than in September of 2010.

In the Northeast, the PHSI slipped 4.7 percent to 60.6 in September, but was still 4.0 percent higher than September 2010, and in the Midwest, the Index fell 6.2 percent to 71.5, but was 12.3 percent higher than a year ago.

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

Lawrence Yun, chief economist of NAR, blamed an underperforming housing market on tight credit standards and on contradicting and confusing government policies.

“A combination of weak consumer confidence and continuing tight lending criteria held back home buyers, even though the private sector added nearly 2 million net new jobs in the past 12 months,” he said.

“America’s monetary policy is contradictory and confusing, where some consumers with the best financial capacity and top-notch credit scores pay higher mortgage interest rates,” Yun said. “The Federal Reserve evidently has been attempting to lower mortgage rates, yet more consumers are faced with taking out jumbo loans that carry higher interest rates,” he added.

Yun was referring to the Federal Reserve’s latest attempts to keep mortgage rates low by swapping short term debt for long term debt yet the federal government allowed the higher conforming loan rates to expire at the end of September which has resulted in some buyers now needing to take out jumbo loans for their purchases which carry a higher interest rate.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

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.
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.

October 27, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 4.6 percent to 84.5 in September according to the National Association of Realtors (NAR). This is the third consecutive month that the Index has posted a decline.

Contract activity still remained 6.4 percent higher than last year when the Index stood at 79.4.

All regions in the Index posted a decline in their monthly level of sales contract activity, but remained higher than the levels posted a year ago.

Pending home sales in the South declined by 5.5 percent to 91.6 but were 5.0 percent higher than a year ago, while in the West, pending home sales fell 2.1 percent to 105.8, but were 5.6 percent higher than in September of 2010.

In the Northeast, the PHSI slipped 4.7 percent to 60.6 in September, but was still 4.0 percent higher than September 2010, and in the Midwest, the Index fell 6.2 percent to 71.5, but was 12.3 percent higher than a year ago.

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

Lawrence Yun, chief economist of NAR, blamed an underperforming housing market on tight credit standards and on contradicting and confusing government policies.

“A combination of weak consumer confidence and continuing tight lending criteria held back home buyers, even though the private sector added nearly 2 million net new jobs in the past 12 months,” he said.

“America’s monetary policy is contradictory and confusing, where some consumers with the best financial capacity and top-notch credit scores pay higher mortgage interest rates,” Yun said. “The Federal Reserve evidently has been attempting to lower mortgage rates, yet more consumers are faced with taking out jumbo loans that carry higher interest rates,” he added.

Yun was referring to the Federal Reserve’s latest attempts to keep mortgage rates low by swapping short term debt for long term debt yet the federal government allowed the higher conforming loan rates to expire at the end of September which has resulted in some buyers now needing to take out jumbo loans for their purchases which carry a higher interest rate.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

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.
Helpful Tools

October 27, 2011 (Chris Moore)

The Pending Home Sales Index (PHSI) declined by 4.6 percent to 84.5 in September according to the National Association of Realtors (NAR). This is the third consecutive month that the Index has posted a decline.

Contract activity still remained 6.4 percent higher than last year when the Index stood at 79.4.

All regions in the Index posted a decline in their monthly level of sales contract activity, but remained higher than the levels posted a year ago.

Pending home sales in the South declined by 5.5 percent to 91.6 but were 5.0 percent higher than a year ago, while in the West, pending home sales fell 2.1 percent to 105.8, but were 5.6 percent higher than in September of 2010.

In the Northeast, the PHSI slipped 4.7 percent to 60.6 in September, but was still 4.0 percent higher than September 2010, and in the Midwest, the Index fell 6.2 percent to 71.5, but was 12.3 percent higher than a year ago.

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

Lawrence Yun, chief economist of NAR, blamed an underperforming housing market on tight credit standards and on contradicting and confusing government policies.

“A combination of weak consumer confidence and continuing tight lending criteria held back home buyers, even though the private sector added nearly 2 million net new jobs in the past 12 months,” he said.

“America’s monetary policy is contradictory and confusing, where some consumers with the best financial capacity and top-notch credit scores pay higher mortgage interest rates,” Yun said. “The Federal Reserve evidently has been attempting to lower mortgage rates, yet more consumers are faced with taking out jumbo loans that carry higher interest rates,” he added.

Yun was referring to the Federal Reserve’s latest attempts to keep mortgage rates low by swapping short term debt for long term debt yet the federal government allowed the higher conforming loan rates to expire at the end of September which has resulted in some buyers now needing to take out jumbo loans for their purchases which carry a higher interest rate.

Tags: NAR, pending home sales, existing home sales, tight credit, economic uncertainty, housing recovery

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.