Photo By Matt Rourke, AP
Pending home sales rise for record eighth straight month
The volume of signed contracts to buy previously occupied homes rose for the eighth straight month in September.
By Stephanie Armour, USA TODAY
Sales of pending homes hit a record in September as homebuyers rushed to take advantage of a tax credit for first-time home buyers — a pace that could continue if Congress takes steps this week to extend and expand the stimulus set to expire at the end of this month.
Pending home sales saw their eighth straight month of gains, marking the longest streak since the measurement begin in 2001, according to the National Association of Realtors. The data, which is based on contracts signed in September, showed that sales of pending homes rose 6.1% over August. It's also 21% higher than September 2008.
"I did not anticipate such a huge rise," says Lawrence Yun, chief economist with NAR. "This is getting home values to start to stabilize. First-time buyers have clearly responded to the tax credit. With the passage of an extension, more move-up buyers will respond as well."
North County Comment:
It sure looks like we are going to get an extension of the 1st time buyer credit. That has been good for our sales in San Diego County thus far. With loan rates still low, buyer credits looming, & prices stabilizing is it time for you to get off of the fence and buy a home? There is a good chance that it is!
Just use good sense when establishing your budget and, in the long term, you should do great. Need to get your budget set and pre-approval going? Try these 2 lenders that I've worked with in the past:
Jim Gibson jim.gibson@mortgagefamily.com or 760-815-2534
Tray Trevino 760-415-2417 or trayinsd@yahoo.com
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