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December 2, 2010 • 10:13 am 0
Pending Home Sales Surge In October
The National Association of Realtors’ Pending Home Sales Index jumped 10.4 percent in October, continuing an upward trend since bottoming in June. The index, based on signed contracts during the month, is 20.5 percent below last year’s level, which was elevated due to the homebuyer tax credit. Lawrence Yun, NAR’s chief economist, said it was encouraging to see double-digit gains and feels the market, though uneven at times, is clearly in a recovery phase. More here and here.
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December 1, 2010 • 5:47 am 0
Purchase Demand, Mortgage Rates Rise
According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages increased last week to 4.56 percent from 4.50 percent the week before. The rise in rates caused a 21.6 percent drop in the Refinance Index, which reached its lowest level since June. The Purchase Index, however, was up 1.1 percent from a week earlier. The week’s results include an adjustment for the Thanksgiving holiday. More here.
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