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What Do the Pending Home Sale Numbers Mean?
Posted By admin On January 6, 2010 @ 5:17 am In Money Watch | Comments Disabled
Washington’s Blog 
Wednesday, January 6th, 2010
The report  released today by the National Association of Realtors (NAR) on pending home sales shows that housing is down:
Remember that pending home sales figures are based on contracts which have been written, but have not yet closed. As NAR notes :
The Pending Home Sales Index [is] a forward-looking indicator based on contracts signed …
NAR explains :
Given that the big banks have substantially tightened up on lending, it might be that less than 80% of the low number of current pending home sales will end up actually closing.
No wonder the New York Times wrote  yesterday, even before the new pending home sales report was released:
When it comes, a lasting recovery will be evident in a housing rebound. Unfortunately, housing appears to be weakening anew …
We wish we could proclaim a Happy New Year in housing. But until more is done to help struggling homeowners, the portents are not good.
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URL to article: http://www.prisonplanet.com/what-do-the-pending-home-sale-numbers-mean.html
URLs in this post:
 Washington’s Blog : http://www.washingtonsblog.com/2010/01/what-do-pending-home-sales-numbers-mean.html
 report: http://www.realtor.org/press_room/news_releases/2010/01/pending_surge
 notes: http://www.msnbc.msn.com/id/34704789/ns/business-real_estate/
 notes: http://www.realtor.org/press_room/news_releases/2009/07/record_fourth
 explains: http://www.realtor.org/research/research/phsbackground
 Image: http://www.prisonplanet.com/2009_christmas_special.htm
 wrote: http://www.nytimes.com/2010/01/05/opinion/05tue1.html?hp
 Pending home sales hit record low: http://www.prisonplanet.com/pending-home-sales-hit-record-low.html
 Home price drops exceed Great Depression: http://www.prisonplanet.com/home-price-drops-exceed-great-depression.html
 U.S. Housing Prices Tumble on Home Mortgage Scarcity: http://www.prisonplanet.com/us-housing-prices-tumble-on-home-mortgage-scarcity.html
 Foreclosure Deal to Spur U.S. Home Seizures: http://www.prisonplanet.com/foreclosure-deal-to-spur-u-s-home-seizures.html
 Housing Double Dip Accelerates As Existing Home Sales Plunge -2.2% In May Versus 6.0% Consensus, Down From 8% In April: http://www.prisonplanet.com/housing-double-dip-accelerates-as-existing-home-sales-plunge-2-2-in-may-versus-6-0-consensus-down-from-8-in-april.html
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