In January, pending home sales declined however, the data is based on contracts signed in January not closings. According to Lawrence Yun, NAR Chief Economist, “The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market,” he said. He expects the recovery will be a straight upward path because there is still an elevated level of shadow inventory of distressed homes and interest rates are still historically low.
According to the Wall Street Journal, there are plenty of signs that the housing market finally bottoming out. If investors and buyers continue to take advantage of the most affordable housing in decades, prices will probably bottom out in 2011.
- US home sales in January downturn (bbc.co.uk)
- Distressed Home Sales Driving Higher Real Estate Activity In Chicago (chicagonow.com)
- “Analysts had expected the pending home sales index to fall by 2.5% in January.” and related posts (dailymarkets.com)
- Home sale deals slowed in January, but Realtors remain upbeat (seattlepi.com)
- Home sales rebound in 49 states (jefftung.net)
- Home Sales Rise as Prices Fall (online.wsj.com)
- The Week in Review Wilmington NC February 20, 2011 (tinaabraham.wordpress.com)
- December 2010 Existing-Home Sales Jump: Could this be a sign of a housing market recovery? (kimgore.wordpress.com)
- House prices edge higher in a ‘sluggish’ market (telegraph.co.uk)
- Pending Home Sales Down in January (bloggingstocks.com)
- Home prices: The double-dip is near (woodonfire.wordpress.com)
- Pending Home Sales Rebound Strongly in October (dailyfinance.com)