Pending Home Sales Drop

Published by: Kelly Curtis on 29th Aug 2011 | View all blogs by Kelly Curtis
Pending Home Sales Drop

The National Association of Realtors reported Monday that the number of contracts signed to purchase existing homes fell in July for the first time in three months.  Sales fell 1.3 percent last month, according to the report, following a 2.4 percent increase in June.  The decline was slightly larger than the 1.0 percent drop expected by analysts in a recent Bloomberg News survey.

With prices continuing to drop, and interest rates at or near record-low levels, Americans are still reluctant to buy homes due to weakness in the job market and a continuous wave of foreclosures that threaten to keep prices down for years. Also, the decline may be even worse as there has been a recent uptick in contract cancellations prior to closing as consumers are agreeing to buy a home only to have an appraiser tell them the home is not worth what they agreed to pay.

Estimates in the Bloomberg survey ranged from a 4.8 percent decline to a 3.8 percent increase.  Compared to lat year, pending sales in July were up about 10 percent.

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