Pending Home Sales Dropped In SeptemberOct 28 2011
For the third month in a row, the number of consumers who signed contracts to buy homes declined in September. Coming in at a measly index of 84.9, the number of pending home sales dropped 4.6% since August. Since signed contracts usually take one to two months to become a completed deal, these numbers are usually a precursor to where the mortgage and housing market is heading. The National Association of Realtors claims that the housing market is constrained by continual weak consumer confidence and tight lending criteria. An index of 100 is considered healthy; our housing market hasn’t seen that high of a number since April 2010.