Pending home sales of existing US homes jumped up an unexpected record 10 % in October indicating that the economy is not falling of a cliff as many have predicted and that the industry which is at the center of and recovery is on its way back. The increase in the number of Americans signing contracts to buy previously owned homes followed a 1.8 percent drop in September, the National Association of Realtors said today in Washington. Another report showed claims for jobless benefits over the past month on average dropped to a two-year low. Combined with figures showing chain-store sales topped estimates last month, the reports added to evidence the world’s largest economy is strengthening, sending stocks up for a second day. Cheaper borrowing costs, lower prices and more jobs may entice homebuyers in coming months, helping the real-estate market regain its footing after the end of a tax credit caused demand to slump.
“The fundamentals that are driving home sales are low mortgage rates combined with job and income growth and that’s why housing should be expected to grow in coming months,” said Dean Maki, chief economist at Barclays Capital Inc. in New York. “Housing activity will still look low relative to the boom years, but we expect a solid growth rate to occur.”
Are you going to get in the market NOW or wait a little longer while interest rates rise, demand increase and properties appreciate? It is a simple question. Call me now to get pre-approved for a Mortgage loan and put yourelf in a posittion to take advantage of the rising market. 707-328-1233
