Strength Shown in Many Areas Across the Country
According to the National Association of Realtors, Contract signings were up in every region of the Country except the West. The Northeast showed a 19.6% increase while the the Midwest was up 27.3% and the South jumped 7.1%. The West showed a decrease of 0.4%.
Overall the Nation showed a 10.4% increase.
The increase can be credited to a return of somewhat normal loan underwriting procedures as well as the removal of some uneccessary fees in the underwriting process, according to some economists.
This past June marked the lowest level for contracts signings on record. Pending sales are now 18.3% above those June levels but still remain 20.5% below where the were October of 2009.
Still, all in all this is good news considering that most economists expected pending home sale to show an overall decrease for October. Most homebuilder stocks surged after the report was released.
LOCAL REAL ESTATE MARKET DATA, TRENDS, LISTINGS AND INFORMATION. ALL INFORMATION IS BASED ON LOCAL MLS AND WHILE WE BELIEVE THE INFORMATION IS ACCURATE, WE CAN NOT GUARANTEE IT. FOR MORE INFORMATION CALL US AT 917-971-0854
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