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Real Estate Chart of the Day
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May's Pending Home Sales Index rose sharply and unexpectedly. As a result, we should expect a similar jump in June's Existing Home Sales numbers.
Inexpensive homes are trés popular these days, but can you guess which class of homes is outselling the others?
The last two years have been rough on housing in a chain reaction-kind of way.First, mortgage guidelines tightened, preventing some homeowners from ditching onerous ARM products. That sparked a foreclosure boom that led to large losses on Wall Street. In turn, it sank the U.S. economy.Today, as compared to 3 years ago, foreclosures are way up, home values are way down, and mortgage rates are as low as they've ever been. It's wonderful news for home buyers -- there's a plentiful supply of homes and financing is cheap. Home affordability is near all-time highs.But the market is changing.
In April, the number of MLS-listed homes that went under contract rose by an astounding 7 percent. It's the biggest one month jump in Pending Home Sales since October 2001, not coincidentally, the second-to-last month of the Early 2000s Recession.
