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Pending home sales are up for the fifth consecutive month.

August 4th, 2009 3:25 PM

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to NAR.

Daily Real Estate News | August 4, 2009 |

Uptrend Continues in Pending Home Sales
The Pending Home Sales Index,a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices, and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said.

“Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30,” Yun said.

Here are the regional figures from the Pending Home Sales Index:

The Northeast rose 0.4 percent to 81.2 in June and is 5.8 percent above a year ago.
The Midwest increased 0.8 percent to 89.9 and is 11.6 percent above June 2008.
The index in the South jumped 7.1 percent to 100.7 in June and is 8.9 percent higher than a year ago.
In the West, the index rose 2.9 percent to 100.4 but is 0.2 percent below June 2008.

Source: NAR

Posted by Michael A. Driscoll - MA on August 4th, 2009 3:25 PMPost a Comment (0)

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Foreclosure Bargains Are Disappearing

August 7th, 2009 3:32 PM

Daily Real Estate News | August 7, 2009 |

Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com.

"For every listing that comes out, we have 10 buyers," says Cesar Dias, an associate with Approved Real Estate Group in Stockton, Calif.

Dias had 15 minutes of fame after introducing foreclosure sales tours last year. Now the tours are defunct because there are not enough homes to show.

"We had a lot of inventory last summer. Now we're down to 1,500 listings — from more than 5,000," Dias says.

In Florida, real-estate investment companies, buying in bulk and paying cash, face competition.

Even in the hard-hit Detroit area, bargains are disappearing.

"For a good house that's not too beat up, in a good neighborhood, there's no lack of buyers in this market," says Andy Sakmar, founder of Century 21 Sakmar in Rochester, 20 miles north of the city. "There are a lot fewer of these properties than a year ago, and the super buys get multiple offers."

Source: CNNMoney.com, Les Christie (08/06/2009)

Posted by Michael A. Driscoll - MA on August 7th, 2009 3:32 PMPost a Comment (0)

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