Pending Home Sales on a Record Roll
According to a National Association of Realtors (NAR) press release, contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001.
The “Pending Home Sales Index”, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7. Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.
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I would like to know why in older but very nice neighborhoods people who remodel their homes don’t seem to get their money out of them because not very many of the other residents fix them up and it’s like you don’t get your investment back? Can you answer this for me.