October pending home sales were condemned by the government shutdown which paralyzed some mortgage applications from getting their incomes verified by the IRS.
Chicago, IL (PRWEB) November 26, 2013
Pending home sales disappoint the real estate market on November 25th. Peoples Home Equity expected the negative reading as mentioned by the lender in its news released published before pending home sales were announcement Monday morning.
Peoples Home Equity mentioned in its Monday morning news release before the announcement of pending home sales that it expected a possible decline in the reading. The news released titled “Real Estate Market Awaits Multiple Data Points” stated the possibility as “another month of negative home sales since the real estate market was forewarned by a drop in existing home sales on November 20th .” Peoples Home Equity is now watching weekly mortgage applications more closely as they are a leading indicator for market direction. Unfortunately, last week’s mortgage application survey provided by the Mortgage Bankers Association showed a decline in applications ending the week on November 15th. Thus, Peoples Home Equity is uncertain whether November will show a show a positive rise in home sales. October pending home sales were condemned by the government shutdown which paralyzed some mortgage applications from getting their incomes verified by the IRS. Thus, without a government shutdown in November sales may be much better. Then again, the market is entering seasonal weakness going in to the winter months when inventories tend to dry up in an already low supply market.
Peoples Home equity puts expectations with another possible decline in home sales for November, but continued higher home prices in warmer regions of US. Only time will tell with more economic data points to change the lender outlook. In the meantime, home buyers still looking to purchase in the winter should prepare themselves with an approve mortgage. If one has not applied for a mortgage just yet, be sure to visit the People Home Equity website and access their helpful calculators to estimate the cost of a mortgage or how much must be earned to afford a certain credit level. Investors have the advantaged of bidding with cash, the only way a seller will take a buyer without cash seriously is if they have a pre-approved mortgage.
To get start on a home loan application please visit: PeopleHomeEquity.com, or contact a representative today at: (855)-897-0300