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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of May on Thursday, July 1st. The index took an expected hard drop when compared to the tax-incentive hyped months of March and April. The PHSI was down 30% over a very strong April and the index was down approximately 15% from last year (May 2009). According to the NAR Press Release: NAR chief economist Lawrence Yun said, “Consumers are rational and they rushed to meet the tax credit eligibility deadline in April. The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June.” You can find more news information about the April PHSI at these links: |
Pending Home Sales Slump
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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.
