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Today’s Talking Point 11/03/09

Pending Sales Up Again!!

Pending home sales rose for the eight consecutive monthly – the longest streak since measurement began in 2001, according to the National Association of REALTORS®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.

The Pending Home Sales Index by region:

Northeast slipped 2.0 percent

Midwest rose 8.1 percent

South increased 4.9 percent

West jumped 10.2 percent

Key points by NAR economist Lawrence Yun:

We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements.

Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline.

An extended and expanded tax credit would help absorb this incoming inventory.

We know foreclosures and ‘short sales’ will increase over the next several months. We must make sure we maximise the opportunity the tax credit has given us to eat into this inventory.

The listings that are priced well will sell. Make sure to have that conversation with your sellers today!

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