The National Association of Realtors (NAR) informs MHProNews June’s Pending Home Sales Index rose slightly from May, and now is at 111, its 26th consecutive month of reading above 100, the baseline used from 2001 when the index began. Any number above 100 means that homes are going to contract faster than they did in 2001—and 2001 was a good year for U. S. housing.
According to themortgagereports, 80 percent of homes under contract close within two months, making it a definite indicator of the future.
Regionally, the Northeast saw a three percent increase from a year ago, and the Midwest index rose one percent. Both the South and the West slipped one percent from a year ago.
Loan software maker Ellie Mae said 75 percent of home purchase loan applications were approved in June, up from 60 percent two years ago. ##
(Graphic credit:themortgagereports–Pending Home Sales Index Jan. 2012-June 2016)
Article submitted by Matthew J Silver to Daily Business News-MHProNews.