Jacksonville Real Estate Market

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Pending Housing Sales On The Rise

Posted on | June 8, 2010 | No Comments

The National Association of Realtors® chief economist, Lawrence Yun, said “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even

without government stimulus, provided the economy continues to add jobs. A big concern surfacing recently is insufficient time to close the deal at the settlement table. However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues.

Totally Rehabbed Homes, FL

Totally Rehabbed Homes, FL

The fact is that we have seen a steady rise in pending home sales for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, again quoting the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February. It should be noted that this data reflects contracts and not closings, which usually occur with a lag time of one to three months (NOTE: because of new bank guidelines that are in place).

Chief economist, Lawrence Yun went on to say that homebuyers who responded to tax credits may encounter problems meeting the settlement deadline by June 30. Because of these market challenges, the National Association of Realtors® has asked Congress to provide flexibility on the deadlines for closing. At this point in time, congress has not responded.

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