Pending Home Sales Rise in February
Pending Home Sales Rise in February
Pending Home Sales Rise in February
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March 28, 2011 (Jeff Alan)
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The National Association of Realtors (NAR) released its February Pending Home Sales Index (PHSI) which rose 2.1 percent from the previous month to 90.8, based on contracts signed in February, and is the first upward trend after two consecutive months of declines.

The index is still lagging 8.2 percent behind February 2010’s index which stood at 98.9. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.

By region, the Northeast fell 10.9 percent to 65.5 in February and is 18.4 percent below a year ago and in the Midwest the index rose 4.0 percent in February to 81.1 but is 15.9 percent below February 2010. In the South the index increased 2.7 percent to an index of 100.3, but is 5.3 percent below a year ago, and in the West the index rose 7.0 percent to 105.6 and is 0.6 percent higher than February 2010.

Lawrence Yun, NAR chief economist, said the 10.9 percent monthly drop in the Northeast may have been due to unusually bad winter weather, which discourages home shopping activity.

Yun also pointed out that despite an uneven economic recovery, pending home sales had trended up very nicely since bottoming out last June and even with periodic monthly declines, contract activity is now 20 percent above the low point following the expiration of the home buyer tax credit.

Yun was also upbeat about the future of home sales by stating, “We may not see notable gains in existing-home sales in the near term, but they’re expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who’ve been on the sidelines.”

Tags: NAR, pending home sales, uneven economic recovery, home buyer tax credit, future home sales, job creation, affordability conditions

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Todays Mortgage
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March 28, 2011 (Jeff Alan)
mortgage-arrow-image
The National Association of Realtors (NAR) released its February Pending Home Sales Index (PHSI) which rose 2.1 percent from the previous month to 90.8, based on contracts signed in February, and is the first upward trend after two consecutive months of declines.

The index is still lagging 8.2 percent behind February 2010’s index which stood at 98.9. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.

By region, the Northeast fell 10.9 percent to 65.5 in February and is 18.4 percent below a year ago and in the Midwest the index rose 4.0 percent in February to 81.1 but is 15.9 percent below February 2010. In the South the index increased 2.7 percent to an index of 100.3, but is 5.3 percent below a year ago, and in the West the index rose 7.0 percent to 105.6 and is 0.6 percent higher than February 2010.

Lawrence Yun, NAR chief economist, said the 10.9 percent monthly drop in the Northeast may have been due to unusually bad winter weather, which discourages home shopping activity.

Yun also pointed out that despite an uneven economic recovery, pending home sales had trended up very nicely since bottoming out last June and even with periodic monthly declines, contract activity is now 20 percent above the low point following the expiration of the home buyer tax credit.

Yun was also upbeat about the future of home sales by stating, “We may not see notable gains in existing-home sales in the near term, but they’re expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who’ve been on the sidelines.”

Tags: NAR, pending home sales, uneven economic recovery, home buyer tax credit, future home sales, job creation, affordability conditions

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

March 28, 2011 (Jeff Alan)
mortgage-arrow-image
The National Association of Realtors (NAR) released its February Pending Home Sales Index (PHSI) which rose 2.1 percent from the previous month to 90.8, based on contracts signed in February, and is the first upward trend after two consecutive months of declines.

The index is still lagging 8.2 percent behind February 2010’s index which stood at 98.9. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.

By region, the Northeast fell 10.9 percent to 65.5 in February and is 18.4 percent below a year ago and in the Midwest the index rose 4.0 percent in February to 81.1 but is 15.9 percent below February 2010. In the South the index increased 2.7 percent to an index of 100.3, but is 5.3 percent below a year ago, and in the West the index rose 7.0 percent to 105.6 and is 0.6 percent higher than February 2010.

Lawrence Yun, NAR chief economist, said the 10.9 percent monthly drop in the Northeast may have been due to unusually bad winter weather, which discourages home shopping activity.

Yun also pointed out that despite an uneven economic recovery, pending home sales had trended up very nicely since bottoming out last June and even with periodic monthly declines, contract activity is now 20 percent above the low point following the expiration of the home buyer tax credit.

Yun was also upbeat about the future of home sales by stating, “We may not see notable gains in existing-home sales in the near term, but they’re expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who’ve been on the sidelines.”

Tags: NAR, pending home sales, uneven economic recovery, home buyer tax credit, future home sales, job creation, affordability conditions

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.