US October Pending Home Sales Climb
A forward-looking indicator of home sales in the U.S. rose during October, the second climb in a row. The National Association of Realtors’ index for pending sales of previously owned homes increased at a seasonally adjusted annual rate of 0.6% to 87.2 in October from September’s 86.7, the industry group said. The level of the gauge was 85.5 in August and 91.4 in July. The NAR is forecasting sales and prices to drop in 2007 and rise weakly in 2008. NAR chief economist Lawrence Yun said the worst part of the credit crunch has been accounted for in the data, and that mortgage conditions have gotten better. “Some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels,” he said.
Finally we have some good press. The Howard County market is typically much stronger than the national market. Recently, I have been saying the market slow down is overrated. There are a lot of buyers who are on the "sidelines" waiting to act. This may be the start of the good news. With lower interest rates, it looks like we could be at the bottom of the price correction. NOW maybe the best time to get back into the buying mode!
Finally we have some good press. The Howard County market is typically much stronger than the national market. Recently, I have been saying the market slow down is overrated. There are a lot of buyers who are on the "sidelines" waiting to act. This may be the start of the good news. With lower interest rates, it looks like we could be at the bottom of the price correction. NOW maybe the best time to get back into the buying mode!
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