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Saturday, January 29, 2011

Pending Home Sales Continue Uptrend | RISMedia -Los Angeles-Platinum Triangle-Beverly Hills-Bel Air-Holmby Hills-Sunset Strip-Hollywood Hills-Luxury Estates-Celebrity Homes-Homes For Sale-Listings-Realtor-Real Estate – http://www.ChristopheChoo.com

RISMEDIA, January 29, 2011—Pending home sales improved further in December 2010, marking the fifth gain in the past six months, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator, increased 2.0% to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2% below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, credits good affordability conditions and economic improvement. “Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit,” he said.

“In the past two years, home buyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-five million total annual home sales. However, sales above six million, as occurred during the bubble years, is highly unlikely this year.”

The PHSI in the Northeast increased 1.8% to 73.9 in December but is 5.3% below December 2009. In the Midwest, the index rose 8.0% in December to 84.6 but is 5.1% below a year ago. Pending home sales in the South jumped 11.5% to an index of 101.9 and are 1.7% above December 2009. In the West, the index fell 13.2% to 105.8 and is 10.7% below a year ago.

For more information, visit www.realtor.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Have you heard about RISMedia’s Real Estate Information Network® (RREIN)? RREIN is an elite network of leading real estate companies dedicated to providing consumers and their agents with leading real estate information, and committed to the belief that Information Share Equals Market Share. Having only launched this past June 2010, the RREIN network is already comprised of 40 leading brokerages, which make up 575 offices, 30,000 agents, 167,000 closings and represents over $41 billion in transactions. How can RREIN help your recruiting efforts and differentiate your company today? For more information, email rrein@rismedia.com.

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

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Pending Home Sales Continue Uptrend | RISMedia -Los Angeles-Platinum Triangle-Beverly Hills-Bel Air-Holmby Hills-Sunset Strip-Hollywood Hills-Luxury Estates-Celebrity Homes-Homes For Sale-Listings-Realtor-Real Estate – http://www.ChristopheChoo.com

Posted on: Beverly Hills Real Estate-Beverly Hills Homes For Sale

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