The Pending Home Sales Index is a forward-looking indicator tracked by the National Association of REALTORS® (NAR). The index rose 5.2 percent to 79.4 based on contracts signed in July from a revised 75.5 in June. This index is based upon signed purchase contracts, not actual closings.
Lawrence Yun, NAR chief economist, discusses the Pending Home Sales Index in this three minute video.
11 million residential properties were underwater at the end of the second quarter. This is down 200,000 from the first quarter.
Arizona is the second highest negative equity state with half of Arizona properties in a negative equity position.
This data is provided by CoreLogic and differs slightly from data we reported on August 10
th (
Not So Many Underwater In Q2) that use information from Reuters. The key point is both sources agree that the number of underwater residential properties is lower in Q2 and the primary reason is more of the properties went into foreclosure which takes the out of the underwater pool.
618 N. Iron Wood, Mescal Lakes, Benson, AZ
Just reduced $13,600, this 1575 sq ft site built home on 0.26 acres in Mescal Lakes area of Benson, Cochise County is move-in ready. 3 bed/2 baths, split bedroom plan, great room and 2 car garage. $122,400.
For additional information, photos and property condition report click on “Featured Properties” tab or
here.
Resource: HUD
The New York Times has an
analysis of the foreclosure and delinquency situations.
Resource: The New York Times
Cost of living in Cochise County is 2.4 percent below the national average and 1.9 percent below that of Phoenix.
Resource: WillcoxRangeNews.com
Mortgage applications rose last week driven by refinancing. The overall gain over the prior week was 4.9 percent with 1 percent gain from purchase applications and 5.7 percent gain in refinance.
Rates on adjustable rate mortgages remained flat this week while 15 year and 30 year fixed rate mortgages fell. 15 year fixed rate mortgages fell to 3.86 percent.
Resource: REALTOR®Mag & FreddieMac.com
