nar: Existing Home Sales Unexpectedly Drop In February - 03/22/11 04:04 AM
Existing Home Sales fell 10 percent last month, according to a report from the National Association of REALTORS®.
On an annual basis, 4.88 million homes were sold in February -- the first time annualized home resales dropped below 5,000,000 since November 2010.
An "existing home" is one that's not considered new construction.
And it's not just sales volume that's down. Home inventory is higher, too. At the current pace of sales, the number of months needed to sell the complete home resale inventory rose by 1.1 months, to 8.6 months nationally.
It's the biggest one-month jump in supply since July 2010 -- … (0 comments)

nar: Pending Home Sales Drop For Second Straight Month - 03/01/11 05:00 AM
After a strong run to close out 2010, the market for home resales softened a bit in January.
On a seasonally-adjusted basis, the Pending Home Sales Index dropped 3 percent last month, and December's figures were revised downward for a loss, too, according to the National Association of REALTORS®.
A "pending home sale" is defined as a home under contract to sell, but not yet closed. 
The forward-looking index is now at a 3-month low on a national level, but still well ahead of its rolling 6-month average.
Unfortunately, national data isn't overly helpful for buyers and sellers of real estate. … (0 comments)

nar: Pending Home Sales Rises To 6-Month High - 01/04/11 03:21 AM
The housing market continues to expand, and surprise.
According to the National Association of REALTORS®, November's Pending Home Sales Index gained 3 percent from October. A "pending home sale" is a home under contract but not yet closed. 
The index is now at its highest point since April 2010's federal tax credit contract expiration deadline.
If the tax credit really did "borrow" sales from the summer months, as has been theorized, housing has rebuilt its foundation. 
We know this because, of all the housing data available to Oak Lawn  homeowners and home buyers, the Pending Home Sales Index stands apart as … (3 comments)

nar: Pending Home Sales Index Points To A Budding Seller's Market - 12/07/10 04:04 AM
The Pending Home Sales Index surged 10 percent in October as low mortgage rates and low home prices spurred Chicago buyers into action.
A "pending home sale" is an existing home under contract to sell, but not yet closed. The Pending Home Sales Index is at its highest level since April 2010 -- the contract deadline date for this year's federal home buyer tax credit program.
The jump may also explain why home builder confidence is rising even as the number of new homes sold fades. Builders are seeing buyers' renewed interest in housing first-hand and expect the next 6 months … (0 comments)

nar: October Existing Home Sales : Buyers And Sellers In Balance - 11/24/10 04:15 AM
After two months of surging sales, home resales fell by 100,000 units last month to 4.4 million homes nationwide.
October's Existing Home Sales tally is slightly below the report's 6-month rolling average, according to the National Association of REALTORS® -- a time span which includes this year's $8,000 federal home buyer tax credit's tail end.
Housing statistics have been wildly inconsistent during that period.
For the future of Oak Lawn housing markets, though, it's encouraging that first-time and investment property buyers were both outnumbered by "move-up" buyers; buyers that have sold their respective homes in favor of larger ones. It's the … (0 comments)

nar: Existing Home Sales Jump; Housing Market Shows Spark - 10/26/10 04:11 AM
Existing home sales jumped 10 percent in September, the biggest monthly jump on record and a signal that the housing market may be returning to a normal sales pattern post-$8,000 federal tax credit.
Existing Home Sales counts home resales (i.e. not new construction) and 80 percent of home resales close within 45-60 days. It's no surprise, therefore, September's data is strong.
Throughout the July and August, mortgage rates were in free-fall, pushing home affordability to near-record levels. Concurrently, the number of homes available for sale climbed to multi-year highs.
"Deals" were in ample supply this summer and eager Orland Park home … (1 comments)

nar: Home Supplies Tick Higher, Creating An Opening For Today's Home Buyers - 05/25/10 04:51 AM
Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.
As compared to March, April's Existing Home Sales rose by 410,000 units nationwide -- the second straight month of large gains. An "existing home" is a home resold by a prior owner (i.e. not new construction).
It's a solid report for housing overall, with rising sales suggesting that the real estate market's recovery is ongoing. However, the data presented a mixed message.
According to the National Association of Realtors®, although the number of homes sold ticked higher in April,  so did … (0 comments)

 
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Kevin Lanham

Chicagoland FHA Expert

Oak Lawn, IL

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Pacor Mortgage Corp

Address: 4544 W. 103rd Street, Suite 201, Oak Lawn, IL, 60453

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Do you know what causes mortgage to rise and fall each day? Everyday I post relevant articles and stats that directly influence the direction of mortgage rates. I also will feature relevant real estate news that can educate you about the market. Have a question or a topic you would like me to cover? Feel free to comment!


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