Tuesday, February 3, 2009

December Home Sales Rose

Pending home sales rose 6.3 percent in December from a month earlier. Big gains were experienced in the South and Midwest.

From the New York Times article:

The number of pending home sales — those in which a buyer has signed a contract but not closed — were up 2.1 percent from December 2007.


The Realtors’ Affordability Index rose to its highest level since 1971 in December, a result of lower home prices and lower mortgage rates. The rate on a 30-year fixed mortgage has fallen to an average 5.35 percent, compared with more than 6 percent in October.

Across the country, pending home sales rose 12.8 percent in the Midwest and 13 percent in the South. But they fell slightly in the Northeast and slid 3.7 percent in the West despite a small buying boom that had emerged as buyers snapped up foreclosed and distressed homes.

It's still shitty out there, but hang in there; we'll get through this.

- Brewskie

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