Pending home sales in May – third-lowest reading on record
The National Association of Realtors just reported that pending sales for existing homes fell 4.7% in May 2008. This marks the third lowest reading on record in May.
Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one- to two-month lag before a sale is completed.
"The overall decline in contract signings suggests we are not out of the woods by any means," NAR Chief Economist Lawrence Yun said in a statement. San Diego California real estate blog
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“You are going to see this trend for a while,” said Bob Moulton, president of American Mortgage Group. “People are nervous about their jobs, they are nervous about getting approved and they are nervous about paying too much for a house.”
Jamie
Diet Plans
“The overall decline in contract signings suggests we are not out of the woods by any means,” said Lawrence Yun, chief economist at the real estate trade group.
He should have also added ” But what do I know?…I have not guessed right yet”
Yun should be a TV weatherman as his next gig…Monday will be sunny & warm…No , Make that cloudy & cold…on second thought it will be raining w/ a strong wind from the south…Wait a minute…
Kenneth
Southern California Real Estate
There is a housing crisis? Who knew.
Bail Bonds
we’re all going to be paying RENT to some foreign investor that comes in and buys up all these houses if the feds don’t do something soon!
Gold Rush
Even Yun is unable to put a positive spin on this.
Online Awards
This is getting to be a broken record. Same headline, month after month. Interesting times we live in.
Bay Area Lawyer