Wednesday, December 15, 2010

Strong Rebound in Pending Home Sales

Pending home sales saw a jump of 10% in October which is a positive sign that the real estate market is stabilizing, according to a December 2, 2010 National Association of Realtors® article, Strong Rebound in Pending Home Sales. Housing affordability can be credited to drawing buyers to the table and causing this rebound in Tampa, Florida and across the nation.

According to Lawrence Yun, Chief Economist of the National Association of Realtors®, “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market is clearly in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011.”

Yun went further to say, “A return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery.”

Another interesting indicator is that Fannie Mae and Freddie Mac reports show very low default rates on new mortgages, much lower than the default rates during the 2002-2003 housing boom. All of these factors combined show the real estate market is on the road to recovery. This is a welcomed report for not only the real estate market, but the overall economic health of our country.

Call SI Real Estate today at 813.631.5144 for more details. SI Real Estate, Tampa is your full-service real estate boutique who can assist you with any real estate needs you may have. We provide the complete spectrum of real estate services, utilizing our vast real estate experience and extensive Tampa Bay area knowledge to meet the needs of our buyers, sellers, relocations, investors, landlords, and tenants. After all, SI Real Estate is “Global Real Estate in Every Way!”

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