Tag Archives: transactions

Pending Home Sales Rise for 7th Month in a Row

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signing_a_contractThe number of existing home transactions increased in August more than expected. 

 

The index of contracts for existing home sales rose 6.4% after a 3.2% gain for the month of July, as reported by the National Association of realtors.  This is the seventh month in a row that this index has risen. 

 

Many experts believe that these sales are being stimulated by factors such as: declining home prices, low mortgage rates and government stimulus programs.  These factors are helping alleviate the housing market downfall that we have been experiencing. 

 

Federal Reserve policy makers announced last week that they are committed to buy $1.25 trillion mortgage back securities.  “We are in a recovery,” said Gary Thayer, macro strategist at Wells Fargo Advisors LLC in St. Louis, before today’s report. “There were a lot of people who were on the fence. Prices are firming up and people are getting back into the market.”

Outer Banks Foreclosure Report

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In the month of July the Outer Banks received very encouraging news that 101 properties were sold in the area.  July was the third consecutive month that saw over 100 closings.  Even more encouraging is the fact that this July was up 13 sales compared to 2008. 

 

Bank owned homes and short sales account for a large percentage of these transactions.  29 out of 101 sales were distressed properties.  Of the 29 distressed homes, 20 were banked owned.  Here’s a great source for the Outer Banks Foreclosure Report. 

 

Local Real Estate professionals feel the market will continue to improve, and distressed properties will continue to have a large impact.