My Real Estate Blog

The pending home sales figures recently released, marked the third straight month of rising pending sales. Good news for the housing market. The increase is attributable in part to first time buyers taking advantage of the currently low mortgage rates and tax credits. Recent figures report first time buyers as 45%, higher than the typical 35 to 40%. By the fourth quarter, home prices are projected to be about 15% higher compared to the same period last year.

What houses are selling? A high percentage of the transacted homes are distressed, either in foreclosure or requiring a lender approval short sale, with deep discounted prices. Perhaps the continuing absorption of this inventory will help continue the rise in pending sales.

This information is according to the Chief Economist, NAR Research. For further details and the latest economic forecast, see: www.realtor.org/reasearch/research_community