Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Pending Sales of U.S. Existing Homes Up 10.4%

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Topic Forums » Economy Donate to DU
 
Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 10:14 AM
Original message
Pending Sales of U.S. Existing Homes Up 10.4%
The number of Americans signing contracts to buy previously owned homes rose more than forecast in October as buyers took advantage of falling prices and low borrowing costs.

The index of pending home sales increased 10.4 percent, the biggest gain since November 2010, after falling 4.6 percent the prior month, figures from the National Association of Realtors showed today in Washington. Economists forecast a 2.0 percent increase, according to the median estimate in a Bloomberg News survey.

While mortgage rates near record lows are helping some buyers purchase housing thats growing more affordable as prices drop, 9 percent joblessness and tight lending standards are keeping others out of the market. A new wave of foreclosures may augment the property oversupply, triggering further slides in value and delaying an industry recovery.

Any improvement in sales and building activity in the housing market is welcome, Ellen Zentner, senior U.S. economist at Nomura Securities International Inc. in New York, said before the report. While there has been no impetus for a renewed downturn in housing, theres been no impetus as of yet for a turn upward.

MORE...

http://www.bloomberg.com/news/2011-11-30/pending-sales-...
Refresh | +3 Recommendations Printer Friendly | Permalink | Reply | Top
Peter1x9 Donating Member (281 posts) Send PM | Profile | Ignore Fri Dec-02-11 12:05 AM
Response to Original message
1. It's a good time to buy...if you have a good job and some money.
A lot of people don't have either right now.
Printer Friendly | Permalink | Reply | Top
 
bemildred Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 12:35 PM
Response to Reply #1
2. Yep, but no hurry about it. nt
Printer Friendly | Permalink | Reply | Top
 
3waygeek Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 06:12 PM
Response to Original message
3. Mortgage rates have definitely gone down...
just got my annual rate adjustment notice on my FHA adjustable mortgage. Next year's rate will be 2.125%, down from 2.625% this year. I've had this mortgage since 1993 -- it was 5.5% then. The FHA adjustable is tightly regulated -- it can only adjust once per year, and by at most 1% per year or 5% total. It's not a huge savings -- only about $20 per month -- since I'm on the back half of the 30-year term, most of the payments go toward principal.

One wonders how many foreclosures would have been prevented if all ARMs were regulated like the FHA's.
Printer Friendly | Permalink | Reply | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Wed Aug 27th 2014, 04:56 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC