Pending home sales were up again in November, reaching the highest level in 19 months, increasing 7.3% from October and is up 5.9% from November 2010. The last time the index was this high was April 2010 when buyers rushed to beat the deadline for the home buyer tax credit. November, however, there was no such stimulus in affect.
The question is, why did November have such a surge in sales?
Lawrence Yun, NAR chief economist said “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. Some of the increase in pending home sales in November appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.”
Yun continued… “November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead.”
FYI… Pending home sales are not affected by the recently published rebenchmarking of existing-home sales because the index uses a different methodology based directly on contract signings, and is adjusted for seasonality.
For a breakdown by region, check out the details here.
For the “rest of the story” on what’s happening in the housing and foreclosure markets right now and what changes should you make to your investing business for 2012… you will want to join me for my once-a-month Live Strategy Session Webinar and Call this Wednesday “Make Your New Years Resolution a Reality” at 6pm PDT, 9pm EST. Here is what we are going to discuss:
*What are your financial goals for 2012? How many deals do you want to close? How many calls will you need to make? How many motivated seller needs will you need to generate?
*Where will you find the most motivated sellers, who are eager to unload their properties at wholesale prices to investors right now?
*How will you organize your daily and weekly tasks to better work your leads, so you never miss a deal?
*How much money do you need to raise? How many money partners will you need to find? Where will you find them?
*What steps will you take at the first of the year to assure you reach (and exceed) your 2012 foreclosure investing goals?
The answers to these questions will make or break your success. If you want to assure your 2012 is your best year ever, you must attend my “Make Your New Years Resolution a Reality” live interactive strategy session call. Those six questions and more will be covered Live on this Strategy Session Call only. Call 800-310-7730 x2 or click here for details.
|
|
|
|
|
 |
