Everybody Calm Down! The Sky Is NOT Falling
After weeks of continuous good news about the housing market, the naysayers jumped all over this month’s Pending Sales Report from the National Association of Realtors (NAR). Pending sales were down from the previous month. This must be proof that all that other positive news on real estate should be ignored – right? WRONG!!
It is true that this month’s numbers were down from last month. However, we must realize we are comparing the numbers to the best month in two years. The numbers are 14.4% higher than the same month last year. Below is a graph showing the pending sales numbers over the last two years. You can decide whether it is showing a recovering market or not.
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In the world we live in today everything is overblown on a daily basis.
Keep up the good work.
The main thing that could derail the situation is what is happening in Europe and China. The shadow inventory is also a factor, but I believe at long last that the big, bad bear is breathing its last.