Pending homes sales have stabilized this year and are slowly rising throughout all regions. URL for PDF attached. All regions and nationally are still below the 2001 benchmark however. The PHSI estimates the number of existing homes that are expected to be sold and settled within the next 2-4 months. That sales have stabilized is positive for the economy. Given the near record low interest rates and tax credits associated with first time buyers due to expire this year these numbers will probably increase. As such however this is also indicative of sales in the entry level markets and is not indicative of sales of mid to upper end properties typically financed with Jumbo mortgages.
http://tinyurl.com/lvhej6
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