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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of January yesterday. A runup in pending home sales for most of last year has been stumbling lately, but we are still substantially above last year’s levels. As you can see from the leftside graphic, the pending home sales data shows a monthly reduction of 7.6% from December 2009. While this reduction seems to be an increasing trend, it is important to realize that the pending home sales for January 2010 are still above January 2009 by 12.3%. A number of factors, including severe winter weather, have hampered nearterm home sales, but NAR Economist Lawrence Yun thinks this will change. He says, “We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June.” Read all of Yun’s comments by visiting the NAR Press Release. You can find more news information about January’s PHSI at these links: |
January Pending Home Sales
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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.
