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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of April on Wednesday, June 2nd. The index built on a continued strong upturn in February and March to indicate the strongest PHSI since October of 2009. The PHSI was up 6.0% over a strong March and the index was up more than 22% from last year. According to the NAR Press Release: Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus…” You can find more news information about the April PHSI at these links: |
Pending Home Sales Highest Since October
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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.
