The housing market recovery is still a long ways away especially for Apex Homes, and proof is in April’s numbers. Housing sales - http://www.blogger.com/img/blank.gifmeasured by signed contracts - dropped in April to a staggering low. The National Association of Realtors says its index of sales agreements for previously occupied homes sank 11.6% last month to a reading of 81.9.
A reading of 100 would be considered healthy. The last time the index reached at least 100 was in April 2010. That was the final month when people could qualify for a home-buying tax credit of up to $8,000 that was greatly used by Cary Homes buyers.
Signings are still nearly 8% above June's reading of 75.9, the lowest figure since the housing bust.
Contract signings are considered a reliable indicator of the housing market's direction especially for Chapel Hill Homes. That's because there's usually a one to two month lag between a sales contract and a completed deal.
But the Realtors group has noted a larger than usual number of contract cancellations in recent months. Some buyers have canceled purchases after appraisals showed that the homes were worth less than the buyers' initial bids. A sale isn't final until a mortgage is closed on Clayton Homes.
The trade group said Friday's report implies a slower than expected market recoverhttp://www.blogger.com/img/blank.gify in upcoming months, in light of rising oil prices, severe weather across the Midwest and South and a rise in applications for unemployment benefits.
The index of contract signings was uneven across the country: It rose 1.7% in the Northeast but dropped 8.9% in the West, 10.4% in the Midwest and 17.2% in the South with a large drop on Durham Homes.
High unemployment, tighter credit and a lingering fear that home prices have yet to hit bottom are preventing many Americans from buying homes.
That's true despite super low mortgage rates and home prices that are falling in some areas, like on Fuquay Varina Homes, to their lowest points in a decade.
Overhanging the entire housing sector are waves of foreclosures. They are forcing down home prices and holding back a potential recovery.
Economists say it could be several years before the nation's housing market recovers especially on Garner Homes. Sales of previously occupied homes fell last year to their lowest level in 13 years.
Home purchases numbers are just below half of the number that was in 1963. This is a hard number to comprehend since in the United States there are 120 million more people. This difficult home market will continue to affect sales on Holly Springs Homes.