According To An Expert, It Will Be Too Early To Predict Better Future Of Home Sales And Be Optimistic

Category: Finance, Real Estate.

The under pressure housing market received mixed news in two recently released reports. This was the highest raise compared to the previous months, which is an astonishingly encouraging sign.

The sale of the existing houses, which remained pending for a long time, certainly rose by 5% in June. Whereas, the volume of mortgage applications slipped down last week to their weakest level in more than last five months, in the middle of rising credit concern. However, the National Association of Realtors said June s pending home sales index was the biggest monthly gain in more than three years and that increases were reported all over the country. According to the Pending Home Sales Index, of residential home contracts in June, the home sales rate was 10This was however 6% below than the previous year s counting. The Mortgage Bankers Association said, its seasonally adjusted index of mortgage applications dipped 3% in the week ended July 27 to 601- a level just above the 606 reading from five months ago. Long- term borrowing costs have misplaced a little during the summer after rising from 6% to 25% range in the first four months of the year. Average 30- year mortgage rates, fell 09, exclusive of fees% in the week to 5% , helping to make up loan requests for mortgage refinancing last week.

A housing index released recently by Standard& Poor s said home prices cut down for a fifth consecutive month in May, the index s steepest drop in about last 16 years. S. cities fell 4% in May from a year earlier in the biggest decline since the summer of 199The trade group s index of pending home sales rose to 104 in June, up from the figures of 95 in May. The S& P/ Case- Shiller index that covers 10 U. The Wall Street had been expecting a minor decline, as analysts surveys, forecast a decline of 6% from the original May number of 9 However, some of the trade analysts believe that there is no point in being over optimistic and it is very early to declare if home sales have already crossed the bottom. There are evidences of moderate increase in sales of pending houses. According to an expert, it will be too early to predict better future of home sales and be optimistic.

In the midst of falling mortgage and real estate industry scenario, this may seem a bright new opportunity. Since there is a typical period of a month or two when there are huge numbers of buyers looking for good houses all around and when the property changes hands, stocked houses in June are likely to be completed between July and August. But, the major declines may occur afterwards, following the accumulating restricted demand. However, the report of clearance comes in middle of the flood of negative news about the housing market and troubled mortgage industry. But now, with the little increase in the sale of the stocked houses there are signs that the overheated housing market might finally be cooling.

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