Pending Home Sales NOT Down - Short Sale Fundamentals
 
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02
Dec

Pending Home Sales NOT Down

housing recovery pending home salesUnexpectedly, pending home sales are up as of October. That came as quite a surprise to industry insiders. Buyer demand has been so slow for so long it seemed the dip would continue for the foreseeable future. But you can never predict the future.

The numbers showed a rise of 10.4% based on contracts signed that month. This means most of the properties will be closing this month. Obviously the number of sales if far below the 2009 rate, but it’s a slight improvement which is all it takes to get people jumping.

This year has had its ups and downs, most notably the tax credit which, for better or worse, caused home sales to rise dramatically prior to May.

Critics are still positive that the housing rebound is not going to come any time soon, despite having missed the boat totally on October. And while foreclosures were halted by some banks for a while, sales continued to come through. That’s a pretty good indicator of the housing recovery, but probably not enough.

Some analysts are expecting to see a similar rise in November. I don’t know why they’ve changed their predictions after seeing one month of statistics, but I never called myself an “analyst.”

The main thing to keep in mind is not to get too comfortable, not in short sales, not in investing, and not in life. So keep watching the news, or my blog at least, and expect the unexpected.

  • rbsplace

    As a Realtor I've sold several homes in the past couple of months so I know there are more sales. The vast majority of them have been bank owned homes being sold at fire sale prices to say the least. Pending home sales is not a true indicator of a recovery. Until there are good paying jobs available and people can qualify for a mortgage there won't be a recovery period! Unemployed and underemployed people can't keep their current homes or buy new ones.

  • Gold Will

    You and your article are full of it. I am in the industry. October pending sales is just that , pending. The banks will keep it pending for the next 6 months. They still want to sit on all the inventory and sell it to their friends or just foreclose. Until the banks are forced to liquidate the assets. All the small investors and flippers will not get a good enough deal to make any diffference. Banks are waiting for inflation and they keep buying the politicians off and keep promising jobs. Whoever wrote the article, doesn't know the industry. They were Most likely paid to write it by Bank of America or Chase.

  • http://www.shortsaleology.com Cory Boatright

    Gold – you're mistaken. We just closed on a short sale and made $20K. I have a few students closing deals in our coaching making $50K a house profit. That's NET profit too. It's getting more difficult to work with loss mitigaiton, so that is why we hired an ex-Senior loss mitigator for a major bank to negotiate my and my students deals. You may only see the glass half-empty, but I assure you it's half-full.

  • http://www.shortsaleology.com Cory Boatright

    Rob – Unemployment is getting higher causing more challenges for sure. What we are going to start seeing is lower interest rates just to get more money coming into banks to take non-performing assets and toxic assets to performing. I believe we'll start seeing FICO requirements loosen up too.



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