The Pending Home Sales Index failed to rebound from a cliff-dive in May, falling by another 3 percent more in June. The index remains at record-low levels. A “pending home sale” is a home under contract to sell, but not yet closed. The data is culled from local real estate associations and large brokers and accounts for 20 percent of all purchase transactions in a given month nationwide. The Pending Home Sales Index is a future indicator for the housing market; there is (1 comments)
The Pending Home Sales Index plunged in May 2010, just one month after the expiration of the federal home buyer tax credit program. The Pending Home Sales Index is now at a record-low level. A "pending home sale" is an existing home under contract to sell, but not yet closed. According to the National Association of Realtors®, 80 percent of homes under contract close within 60 days. Because of this timeline, we can expect (0 comments)