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The National Assoication of REALTORS® released the Pending Home Sales Index (“PHSI”) for the month of December yesterday. After a dramatic fall in November, the index recovered to post a 1% gain over last month, and it gained more than 10% from a year ago, December 2008. Lawrence Yun, National Assoication of REALTORS® chief economist, said it’s important to recognize how the tax credit is skewing market data. “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he said. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.” You can find more information about December’s PHSI at these links: |
December Pending Home Sales Up
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What is a Home Warranty?
A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.
What is a Short Sale?
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure.
