Pending Home Sales Rises To 6-Month High
By Dean Tucker NMLS 103829, Mortgage Banker
(Dean Tucker Benchmark Mortgage)
The housing market continues to expand, and surprise. According to the National Association of REALTORS®, November's Pending Home Sales Index gained 3 percent from October. A "pending home sale" is a home under contract but not yet closed. The index is now at its highest point since April 2010's federal tax credit contract expiration deadline. If the tax credit really did "borrow" sales from the summer months, as has been theorized, housing has rebuilt its foundation. We know this because, of all the housing data available to Eagle homeowners and home buyers, the Pending Home Sales Index stands apart as a forward-looking report -- its designed purpose as described in its methodology. Because 80% of all homes under contract close within 60 days, and a statistically significant share of...