Pending home sales rise for ninth consecutive month

yun_lawrence_100x144

Lawrence Yun, Chief Economist, NAR

Is the increase real or have the tax-credits created an “artificial” market that cannot be sustained?

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for October showing pending sales in the U.S. rose again for the ninth consecutive month – marking the longest streak since since NAR began the pending home sale index in 2001.

As I have expressed previously, I’m somewhat cautious about getting too excited about these recent encouraging reports on the housing market as I feel we still have many challenges out there.

Dennis Norman
Dennis Norman

For starters, the home-buyer tax credit which has clearly stimulated the market as buyers raced to buy a home to claim the credit before it expired on November 30, 2009 (it has since been extended to April 30, 2010) is just creating an “artificial” market in my opinion and we are still seeing nearly record numbers of foreclosures and mortgage delinquencies which are going to continue to put downward pressure on the market. An unemployment rate in excess of 10 percent isn’t helping either.

If you look at my chart below, you will see the rate of seasonally adjusted home sales (the red line) and the rate of seasonally adjusted pending sales (blue line) come together in October which indicates to me that the concern I expressed last month about many pending sales not actually closing may not be an issue after all. However, when we look at the actual number of homes sold this year (the green line) we see that actual sales are way behind the “seasonally adjusted rate” of sales. If I put on my “glass is half-full” hat, then I would say the gap is a result of sales taking off due to a recovery of the housing market, stability and improvement of the economy, unemployment and optimism on the part of consumers. If I put on my “glass is half-empty” hat, I would say the gap has been created by an artificial spike in sales caused not by a substantial improvement in the housing market, economy or unemployment but instead by the tax credits and will not be sustained post tax-credit. I would give you my opinion of which opinion is right but I have to go refill my glass, it’s almost empty.

Pending Home Sales to Actual Home Sales October 2009

Lawrence Yun, NAR chief economist, seems to agree with me that the tax-credit is the impetus behind the increased sales, but it sounds like he is more optimistic about the numbers. Yun said “home sales are experiencing a pendulum swing. Keep in mind that housing had been under-performing over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus. This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.”

Yun cautioned that home sales could dip in the months ahead. “The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process.

“Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Yun said.

 

Print Friendly, PDF & Email

116 comments to Pending home sales rise for ninth consecutive month

  • … [Trackback]

    […] There you can find 14815 more Info on that Topic: stlouisrealestatenews.com/real-estate-market/pending-home-sales-rise-for-ninth-consecutive-month/ […]

  • … [Trackback]

    […] Read More to that Topic: stlouisrealestatenews.com/real-estate-market/pending-home-sales-rise-for-ninth-consecutive-month/ […]

  • Захар Беркут (фильм) смотреть онлайн [url=http://bitly.com/34zxVq8]Смотреть фильм Захар Беркут 2020[/url]Фільм Захар Беркут.

  • … [Trackback]

    […] Read More to that Topic: stlouisrealestatenews.com/real-estate-market/pending-home-sales-rise-for-ninth-consecutive-month/ […]

  • … [Trackback]

    […] There you can find 19192 more Info on that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/pending-home-sales-rise-for-ninth-consecutive-month/ […]

  • … [Trackback]

    […] There you will find 57390 more Information on that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/pending-home-sales-rise-for-ninth-consecutive-month/ […]

  • It’s a shame you don’t have a donate button! I’d definitely donate to this fantastic blog! I guess for now i’ll settle for book-marking and adding your RSS feed to my Google account. I look forward to brand new updates and will talk about this website with my Facebook group. Talk soon!|

  • Thanks for ones marvelous posting! I genuinely enjoyed reading it, you will be a great author. I will make certain to bookmark your blog and may come back someday. I want to encourage you to definitely continue your great work, have a nice evening!|

  • … [Trackback]

    […] Read More here to that Topic: stlouisrealestatenews.com/real-estate-market/pending-home-sales-rise-for-ninth-consecutive-month/ […]

  • … [Trackback]

    […] Find More to that Topic: stlouisrealestatenews.com/real-estate-market/pending-home-sales-rise-for-ninth-consecutive-month/ […]

  • I am sure this article has touched all the internet people, its really really good paragraph on building up new website.

  • SEO

    I very like this blog. Everything is cleared.

  • … [Trackback]

    […] Read More here on that Topic: stlouisrealestatenews.com/real-estate-market/pending-home-sales-rise-for-ninth-consecutive-month/ […]

  • If some one wishes expert view about running a blog afterward i suggest him/her to pay
    a quick visit this weblog, Keep up the pleasant job.

  • I do not know whether it’s just me or if perhaps everyone else experiencing issues with your website. It appears as though some of the text within your content are running off the screen. Can somebody else please comment and let me know if this is happening to them as well? This might be a problem with my web browser because I’ve had this happen previously. Many thanks|

  • Hi! I just wanted to ask if you ever have any issues with hackers? My last blog (wordpress) was hacked and I ended up losing a few months of hard work due to no backup. Do you have any solutions to prevent hackers?|

  • Hi! I know this is somewhat off topic but I was wondering which blog platform are you using for this website? I’m getting sick and tired of WordPress because I’ve had problems with hackers and I’m looking at options for another platform. I would be awesome if you could point me in the direction of a good platform.|

  • Undeniably believe that that you said. Your favorite reason seemed to be on the net the easiest thing to have in mind of. I say to you, I definitely get irked whilst folks think about concerns that they just don’t understand about. You controlled to hit the nail upon the highest as well as defined out the entire thing with no need side-effects , people could take a signal. Will probably be back to get more. Thanks|

  • I have been exploring for a bit for any high-quality articles or blog posts in this kind of area . Exploring in Yahoo I finally stumbled upon this site. Studying this information So i’m happy to exhibit that I’ve an incredibly just right uncanny feeling I came upon just what I needed. I such a lot indubitably will make certain to do not overlook this website and provides it a look regularly.|

  • I have been exploring for a little for any high quality articles or weblog posts on this kind of house . Exploring in Yahoo I finally stumbled upon this web site. Reading this information So i am glad to show that I’ve a very excellent uncanny feeling I found out exactly what I needed. I most no doubt will make certain to don?t disregard this web site and provides it a look on a constant basis.|

  • Thanks for finally writing about > blog_title < Liked it!|

  • Fantastic blog you have here but I was wondering if you knew of any message boards that cover the same topics discussed here? I’d really love to be a part of community where I can get feed-back from other knowledgeable individuals that share the same interest. If you have any recommendations, please let me know. Appreciate it!|

  • Just want to say your article is as surprising. The clearness for your publish is just cool and that i can assume you are an expert in this subject. Fine with your permission let me to clutch your feed to keep updated with imminent post. Thank you a million and please continue the gratifying work.|

  • whoah this weblog is fantastic i like reading your articles. Stay up the great work! You recognize, many people are hunting around for this info, you can help them greatly. |

  • This piece of writing offers clear idea for the new users of blogging, that truly how to do blogging.|

  • Heya i’m for the first time here. I came across this board and I in finding It really useful & it helped me out a lot. I am hoping to offer one thing again and aid others such as you helped me.|

  • What i don’t realize is actually how you’re now not actually much more well-preferred than you might be now. You’re very intelligent. You know thus significantly in terms of this topic, made me in my opinion believe it from a lot of numerous angles. Its like men and women don’t seem to be involved until it is something to accomplish with Girl gaga! Your own stuffs great. At all times care for it up!|

  • After looking at a number of the articles on your web page, I seriously appreciate your way of writing a blog. I added it to my bookmark site list and will be checking back soon. Please check out my web site too and tell me how you feel.|

  • Washer Pros of Austi – 603 Davis St #36, Austin, TX 78701, United States — (512) 352-9650

  • Washer Pros of Austin – 603 Davis St #36, Austin, TX 78701, United States — (512) 352-9650

  • Hi there just wanted to give you a quick heads up. The text in your article seem to be running off the screen in Chrome. I’m not sure if this is a format issue or something to do with web browser compatibility but I figured I’d post to let you know. The design look great though! Hope you get the issue fixed soon. Cheers|

  • Washer Pros of Austin – 603 Davis St #36, Austin, TX 78701, United States — (512) 352-9650

  • Unquestionably believe that which you said. Your favorite reason seemed to be on the net the simplest thing to be aware of. I say to you, I certainly get annoyed while people consider worries that they plainly don’t know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side-effects , people could take a signal. Will probably be back to get more. Thanks|

  • Washer Pros of Austin – 603 Davis St #36, Austin, TX 78701, United States — (512) 352-9650

  • Washer Pros of Austin – 603 Davis St #36, Austin, TX 78701, United States — (512) 352-9650

  • I’ve been browsing online more than three hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my view, if all webmasters and bloggers made good content as you did, the web will be a lot more useful than ever before.|

  • I’m curious to find out what blog system you are working with? I’m having some minor security issues with my latest site and I’d like to find something more safeguarded. Do you have any suggestions?|

  • Washer Pros of Austin – 603 Davis St #36, Austin, TX 78701, United States — (512) 352-9650

  • I absolutely love your blog and find most of your post’s to be just what I’m looking for. Do you offer guest writers to write content for yourself? I wouldn’t mind creating a post or elaborating on a few of the subjects you write in relation to here. Again, awesome website!|

  • Hello! Would you mind if I share your blog with my facebook group? There’s a lot of people that I think would really enjoy your content. Please let me know. Many thanks|

  • When someone writes an piece of writing he/she maintains the idea of a user in his/her brain that how a user can understand it. Thus that’s why this article is perfect. Thanks!|

  • Simply desire to say your article is as astounding. The clearness in your put up is simply cool and that i could think you are a professional in this subject. Fine with your permission let me to grab your feed to keep up to date with approaching post. Thanks a million and please continue the enjoyable work.|

  • Woah! I’m really enjoying the template/theme of this website. It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between user friendliness and appearance. I must say you’ve done a very good job with this. In addition, the blog loads extremely quick for me on Safari. Exceptional Blog!|

  • Hmm it appears like your blog ate my first comment (it was extremely long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog writer but I’m still new to the whole thing. Do you have any points for rookie blog writers? I’d certainly appreciate it.|

  • Good day! I could have sworn I’ve been to this website before but after checking through some of the post I realized it’s new to me. Anyways, I’m definitely delighted I found it and I’ll be book-marking and checking back frequently!|

  • Thanks a bunch for sharing this with all folks you actually realize what you are speaking approximately! Bookmarked. Please also talk over with my site =). We can have a hyperlink exchange agreement between us|

  • It’s appropriate time to make some plans for the future and it is time to be happy. I’ve read this post and if I could I want to suggest you some interesting things or suggestions. Maybe you could write next articles referring to this article. I wish to read more things about it!|

  • It’s very trouble-free to find out any topic on net as compared to textbooks, as I found this paragraph at this web page.|

  • Thanks a lot for sharing this with all people you actually understand what you are talking approximately! Bookmarked. Please also visit my website =). We could have a hyperlink alternate arrangement among us|

  • Do you have a spam problem on this website; I also am a blogger, and I was curious about your situation; many of us have created some nice practices and we are looking to exchange strategies with others, why not shoot me an e-mail if interested.|

  • Howdy just wanted to give you a quick heads up. The words in your article seem to be running off the screen in Safari. I’m not sure if this is a format issue or something to do with browser compatibility but I thought I’d post to let you know. The design and style look great though! Hope you get the issue solved soon. Many thanks|

  • Hi there to every , for the reason that I am genuinely keen of reading this weblog’s post to be updated on a regular basis. It contains pleasant material.|

  • Undeniably believe that which you said. Your favorite reason seemed to be on the net the simplest thing to be aware of. I say to you, I certainly get annoyed while people think about worries that they just don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people could take a signal. Will probably be back to get more. Thanks|

  • Thankfulness to my father who informed me about this webpage, this webpage is in fact awesome.|

  • Hello my friend! I wish to say that this article is amazing, nice written and come with approximately all significant infos. I would like to look more posts like this .|

  • I’m impressed, I have to admit. Rarely do I come across a blog that’s both educative and interesting, and without a doubt, you have hit the nail on the head. The problem is an issue that not enough folks are speaking intelligently about. Now i’m very happy that I came across this in my search for something regarding this.|

  • Thanks for one’s marvelous posting! I genuinely enjoyed reading it, you can be a great author.I will make certain to bookmark your blog and definitely will come back someday. I want to encourage you to definitely continue your great posts, have a nice day!|

  • Helpful info. Fortunate me I found your website by chance, and I am surprised why this coincidence didn’t took place earlier! I bookmarked it.|

  • Greetings! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My site looks weird when browsing from my iphone4. I’m trying to find a theme or plugin that might be able to resolve this issue. If you have any recommendations, please share. Thanks!|

  • Unquestionably believe that which you said. Your favourite reason appeared to be on the net the easiest factor to be aware of. I say to you, I definitely get irked at the same time as folks consider concerns that they just don’t understand about. You managed to hit the nail upon the top as smartly as defined out the whole thing with no need side-effects , other folks could take a signal. Will probably be again to get more. Thank you|

  • Way cool! Some very valid points! I appreciate you penning this write-up plus the rest of the site is extremely good.|

  • Thanks for sharing your thoughts about meta_keyword. Regards|

  • Fantastic items from you, man. I’ve remember your stuff prior to and you’re simply extremely magnificent. I really like what you have acquired right here, certainly like what you are stating and the way by which you are saying it. You make it enjoyable and you continue to take care of to keep it wise. I can’t wait to read far more from you. This is really a terrific site.

  • Usually I do not learn post on blogs, however I would like to say that this write-up very forced me to try and do it! Your writing style has been surprised me. Thanks, very great article.

  • Appreciate it for all your efforts that you have put in this. Very interesting information.

  • Hello, i think that i saw you visited my blog so i came to “return the favor”.I am trying to find things to improve my site!I suppose its ok to use some of your ideas!!|

  • Great site! I am loving it!! Will be back later to read some more. I am taking your feeds also

  • Hello. impressive job. I did not imagine this. This is a impressive story. Thanks!

  • I’d perpetually want to be update on new blog posts on this internet site, saved to favorites!

  • I want looking at and I conceive this website got some truly utilitarian stuff on it!

  • As a Newbie, I am always searching online for articles that can help me. Thank you

  • I like the helpful information you supply in your articles. I will bookmark your weblog and take a look at again here frequently. I’m quite sure I’ll be told lots of new stuff proper right here! Best of luck for the next!

  • Thank you for sharing with us, I believe this website genuinely stands out :D.

  • As a Newbie, I am permanently searching online for articles that can aid me. Thank you

  • I am not really fantastic with English but I line up this real easy to translate.

  • Hurrah! In the end I got a weblog from where I can truly obtain helpful facts regarding my study and knowledge.|

  • Every weekend i used to go to see this website, as i wish for enjoyment, for the reason that this this site conations genuinely pleasant funny information too.|

  • It’s very simple to find out any topic on web as compared to books, as I found this article at this website.|

  • I don’t even know the way I ended up here, however I assumed this submit used to be great. I do not recognize who you are but definitely you are going to a famous blogger if you aren’t already. Cheers!|

  • It’s very simple to find out any matter on net as compared to textbooks, as I found this post at this web site.|

  • Hi, Neat post. There’s an issue with your website in internet explorer, could check this? IE still is the market chief and a good section of people will omit your magnificent writing due to this problem.|

  • Have Fun While Outdoor camping Using These Tips Outdoor camping is a good choice for your getaway.Obtain the most satisfaction whenever you go camping out trip by utilizing the noise assistance using this article. You will find this info useful in your up coming venture outside! These little things can certainly make your vacation more pleasant. Look at the regards to your state of health insurance policy. You might need a new insurance policy if you will certainly be camping in another express. This really is crucial when you go camping out in one more country. Be prepared in case something takes place! Ensure that the tent that is certainly large enough to suit your needs and anyone who in addition is going to be inside of the tent. This can make certain it is possible to comfortably and have up simpler during the night time when you are revealing your tent with. Should you be vacationing with youngsters, take a first-assist type, notably. Ensure that you do the suitable investigation. Constantly pack sufficient foods along with the correct foods. Food poisoning can ruin your good vacation. Make all of your current meals inside the suitable analysis and way any needed measures. Buy some bedroom pillows that are produced specially for camping. When the outside air flow, standard your bed bedroom pillows could become moist. The often absorb background humidity in the air and grow mildew and mold at the same time. Pillows produced designed specifically for outdoor camping use a defensive level that helps to keep these things from happening. In case you are a novice at camping outdoors, continue to be close to home. You don’t want to be a long way away in the event you choose you’ve had an adequate amount of camping out, or you could plan to get home very early. You could find which you haven’t stuffed sufficient clothing or food.Many different problems could come up in the event you don’t know what to prepare for, so camp not too far away in your original venture. Duct adhesive tape is definitely an crucial product to include in your camping gear. It is actually as handy for fixes while you are camping since it is at home. It can be used to mend an aura mattress must it get a hole. Additionally, it may fix up a tarp, sleeping travelling bag, or maybe the tent. Eventually hikes in order that you don’t get lesions, you can even safeguard your feet. It is also utilized as a bandage. Ideally, this data has provided you with suggest that will will make your camping out trip considerably more simple and easy pleasurable. Use the assistance made available to you right here and revel in your upcoming getaway.

  • Hi there would you mind sharing which blog platform you’re working with? I’m looking to start my own blog in the near future but I’m having a hard time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design and style seems different then most blogs and I’m looking for something unique. P.S Apologies for being off-topic but I had to ask!|

  • I couldn’t refrain from commenting. Perfectly written!|

  • Wow, this post is fastidious, my sister is analyzing these kinds of things, so I am going to tell her.|

  • Hi! I’ve been reading your website for some time now and finally got the bravery to go ahead and give you a shout out from Kingwood Tx! Just wanted to mention keep up the good job!|

  • Everyone loves it when individuals get together and share opinions. Great site, continue the good work!|

  • Wonderful items from you, man. I have take note your stuff prior to and you’re simply extremely excellent. I actually like what you’ve acquired here, certainly like what you are saying and the way in which wherein you are saying it. You are making it enjoyable and you continue to take care of to keep it wise. I can’t wait to read much more from you. That is really a wonderful website.|

  • I love it when people come together and share thoughts. Great website, keep it up!|

  • bookmarked!!, I really like your web site!|

  • Hello just wanted to give you a quick heads up. The text in your article seem to be running off the screen in Ie. I’m not sure if this is a format issue or something to do with internet browser compatibility but I thought I’d post to let you know. The design look great though! Hope you get the issue solved soon. Kudos|

  • Thank you for the good writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! By the way, how can we communicate?|

  • It is the best time to make some plans for the future and it’s time to be happy. I have read this post and if I could I wish to suggest you some interesting things or tips. Perhaps you can write next articles referring to this article. I want to read more things about it!|

  • I’m very pleased to discover this website. I want to to thank you for your time for this particularly wonderful read!! I definitely loved every part of it and I have you saved as a favorite to look at new stuff in your website.|

  • Does your blog have a contact page? I’m having problems locating it but, I’d like to shoot you an email. I’ve got some creative ideas for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it expand over time.|

  • Have you ever considered about including a little bit more than just your articles? I mean, what you say is important and everything. But imagine if you added some great graphics or videos to give your posts more, “pop”! Your content is excellent but with pics and videos, this blog could definitely be one of the very best in its niche. Great blog!|

  • Hi there! I just wanted to ask if you ever have any trouble with hackers? My last blog (wordpress) was hacked and I ended up losing a few months of hard work due to no backup. Do you have any methods to stop hackers?|

  • Quality articles or reviews is the secret to invite the viewers to go to see the web page, that’s what this site is providing.|

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>