Pending Home Sales And Prices Are Up!
The National Association of Realtors reports that existing home sales have hit a 21 month high in January 2012. A total of 8% more contracts were signed by agents during that 21 month period. NAR chief economist Lawrence Yun says job growth and rental rates are somewhat of a cause for this recent spike. He also suggests that once credit availability becomes more regular, home sales will see a significant increase, and home prices will as well. This will in turn reduce the amount of people who are currently upside down on their mortgages. Rising rental rates may be boosting home sales as well. With the cost or renting being so close to the cost of a monthly mortgage, many prospective tenants are being asked, or asking themselves, if they have ever considered buying to save money. Here in Florida, partly due to the attraction of warm weather and comfortable retirement options, rental prices have remained high. If rental options hold their value and mortgage rates remain at an all ti