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Old 06-02-2009, 09:23 AM
 
220 posts, read 1,006,732 times
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Number of signed sales contracts continues bounce off record lows for third consecutive month.

NEW YORK (CNNMoney.com) -- The number of home sales contracts signed in April continued to bouce back from record lows hit last winter, according to a widely watched industry report. This is the third consecutive month of gains.
The Pending Home Sales Index from the National Association of Realtors rose 6.7% in April after jumping 3.2% in March. That was far above the forecasts of experts surveyed by Briefing.com, who predicted a 0.5% increase. The index was 3.3% higher than 12 months earlier.


Pending home sales rebound in April due to first-time buyers - Jun. 2, 2009
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Old 06-02-2009, 09:36 AM
 
Location: Summerville, SC
394 posts, read 1,002,075 times
Reputation: 256
This sounds an awful lot like a bit of positive news. Be careful - you don't want to anger the naysayers! lol

Thanks for sharing!
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Old 06-02-2009, 09:37 AM
 
Location: Baltimore, MD
205 posts, read 795,537 times
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You do realize that sales typically increase this time of year, right? It would be unusual if sales did not increase as the warmer months come. People tend to like moving between school years. It's also easier to go looking and move possessions when the weather is nicer. This press story and NAR cheerleading are not news. They're describing normal market operation.

Furthermore, with the minefield of short sales out there it's more important to focus on closing sales. A lot of these pending sales will never close for a myriad of reasons.
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Old 06-02-2009, 09:39 AM
 
Location: Great State of Texas
86,052 posts, read 81,028,156 times
Reputation: 27701
Well it is good to see that seasonal purchasing hasn't taken a big hit..I'd really be worried if it were negative this time of year.
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Old 06-02-2009, 11:35 AM
 
28,460 posts, read 81,172,149 times
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Experts, huh?

Same guys who thought no-doc loans were a great idea, and tranches of mortgages would magically improve in quality...

I should become an "expert" in walking around and seeing that there are more buyers, but STILL NOT ENOUGH to scoop up all the bargains that lenders are stuck with...
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Old 06-02-2009, 12:00 PM
 
Location: Casa Grande, AZ (May 08)
1,707 posts, read 4,089,916 times
Reputation: 1445
Big D,

If you read closely you will see the numbers are up year over year 3.2% also.
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Old 06-02-2009, 12:30 PM
 
Location: Lowcountry
764 posts, read 1,543,140 times
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Does anyone else find it a bit odd that Yun's cautious response is in start contrast to his usual cheerleading spiel for NAR?

Just wondering....
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Old 06-02-2009, 12:55 PM
 
1,417 posts, read 2,210,013 times
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The only economic indicator that means anything to me right now is unemployment. When that starts falling I'll feel more positive.

Also from CNN Money:

Prime mortgages at a record delinquency rate.

Number of troubled mortgages hits record high - May. 28, 2009

And what about the impact of the upcoming Alt A & Opt ARM resets?

And the thousands of foreclosures still lurking in the shadows from the foreclosure moratorium?

As long as this country is haemorrhaging jobs I see little reason to be cheering.

The mainstream media is adept at spinning "recovery" data without necessarily placing it in the wider context.

Those who take it at face value need to look a little deeper.
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Old 06-02-2009, 03:03 PM
 
28,460 posts, read 81,172,149 times
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LG:

You are mostly correct. I have reason to believe that "resets" are something that will depend on the how effectively the various Fed Govenors and Treasury official are (and perhaps even a certain Sec of State...) are at working to keep the holders of US Debt in the "happy to do our part" column...

Prime mortgages are being hit by the unemployment, but I truly do believe the STUPIDITY EFFECT is worse. We need PUBLIC SERVICE ANNOUCEMENTS that let drooling morons in on the fact their is NO MAGIC PLAN and if you have money it is your RESPONSIBNILITY to pay your mortgage, regardless of how far you feel the value of your home as fallen. If you have no money then you better track down SOMEONE at the lender who realizes this is something they really ought to think about FAST...

Jobless recovery is no recovery at all!
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Old 06-02-2009, 03:54 PM
 
Location: Summerville, SC
394 posts, read 1,002,075 times
Reputation: 256
Aren't jobs the last thing to recover, though? Correct me if I'm wrong but - there can't be jobs without spending because no one has any money or reason to hire.

I thought recoveries started with consumer spending and housing, maybe the stock market next, and lastly jobs. I saw somewhere that spending and homes were expected to bounce back while the country is still losing jobs and then jobs would return after spending regained.


Of course that means somebody with money already has to open up their wallets and spend it before jobs can come back. My husband reports upturns in many of his customers businesses (everything from kitchen cabinets to caskets to residential elevators to toilet seats).

Opinions?
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