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Pending Home Sales Increase Again

Posted: December 17, 2009

In a streak of good news, reports from the Pending Home Sales Index show that the number of pending sales  have increased for the ninth month in a row.

According to Florida Realtors " the Pending Home Sales index is a forward-looking indicator based on contracts signed in October", and has increased over 31.8% above statistics gathered in October of 2008. Lawrence Yun, the chief economist for the National Association of Realtors, feels that while this is good news, it should be tempered with the fact that home sales will most likely experience a "pendulum swing", due to previous real estate trends.

Yun also wants to point out that people should be prepared for a drop in sales for the upcoming months. The extension of the tax credit will help qualified renters purchase homes, but the time difference between a buyer searching for a home, and actually closing the deal could span between three to five months. Given this, it should almost be expected that sales will reflect lower levels, while buyers look to take advantage of this credit.

As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay


Information for this article provided by Florida Realtors.

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