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Each month AR runs numerous contests as a way for our members to engage in activities
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The only thing surprising about this number is the fact that many in the real estate industry had not expected or anticipated such an increase. What's even more surprising is that with the new peak in existing-home sales report that forecasts are being revised for the recovery of the housing market effective today.
Let's rewind and figure out what today's report really means and how the real estate industry got to this point.
This would have been measured by the Pending Home Sales Index (PHSI). The interesting thing about this index is that it attempts to predict future sales. According to NAR the PHSI only accounts for 20 percrnt of all transactions of which 80% close within 60 days while the remainder close within 4 months.
Do you remember what the headlines were a couple of months ago? Let me give you a hint. It had to do with the steady growth in the Pending Home Sales Index. This latest report will definitely create even more confusion to home sellers and buyers throughout the country.
For all the positive spin the media is broadcasting across the news wire, there are some startling facts hidden within the report. Did you also hear that the national median home price dropped 7.1% and that 30% of all sales in October were distressed sales. Try explaining that to sellers.
Existing-Home Sales Up, But Not All It's Cracked Up To Be!
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.