Homebuyers in August were fussy
The number of home sales contracts contracted soared in August, the Home Association of Realtors covered this morning. Pending home sales, a passing indicator because contracts are typically ratifyed a couple months before closings, increased 7.4% compared to July’s retooled number and 8.8% compared to August 2007.
Sales are for the most part increasing because people are pecking up forbidden homes and other hard-pressed properties at bargain prices, specially in the speculative-hit markets: California, Florida, Nevada, Rhode Island, and Arizona.
Of course, this surge in sales doesn’t chew over the declining situation in the credit markets after the Wall Street meltdown last month. We’ll have to hold off until next month to escort how that might touch on the market’s ability to mount out of the spoilt housing crisis in decades.
Related Posts:
Housing starts were bad in September, but just wait until October’s data is released
Opinion: Foreclosure crisis shines media faults
Is it Time to Buy REITs?
