The Midwest increased 4.5 percent to 105 and is 17.7 percent above last year's index.
Chicago, IL (PRWEB) March 02, 2013
Pending homes sales for January rose in all areas of the country. According to the National Association of Realtors' Pending Home Sales Index, pending sales increased 4.5 percent to 105.9 from December figures. The numbers are also 9.5 percent above January 2012. With home prices on the rise, The Federal Savings Bank sees this as a good time where potential first-time homebuyers, especially veterans, should take advantage.
Home prices are rising at such a positive rate that the NAR report revealed the highest index since April 2010 when many potential buyers were taking advantage of a home buyer tax credit. Before April, the last highest reading was in February 2007 when numbers reached 107.9.
The West experienced the smallest percentage increase in pending home sales with 0.1 percent. The Northeast saw the largest growth of 8.2 percent, 10.5 percent higher than January 2012. The Midwest increased 4.5 percent to 105 and is 17.7 percent above last year's index. In the South, pending home sales rose 5.9 percent to 119.3.
The housing market is gaining momentum and first-time homebuyers are in a golden position to purchase a property right now" says Nick, a personal banker at The Federal Savings Bank. "This positive trend in housing is not region specific, we're seeing prices are rising everywhere but rates are not going to remain low across all states forever. Buyers should prepare themselves by pre-qualifying for a mortgage so as to be ready when they find their desired property."
VA loans help veterans purchase homes
Veterans who are interested in becoming a homeowner are encouraged at The Federal Savings Bank to take advantage of a VA home loan. According to the Department of Veterans Affairs, qualifying veterans may receive a loan with no money down. Qualifications are required to be accepted for a VA loan including good credit, a certificate of eligibility and a required amount of time served. For more information visit: TheFederalSavingsBank.com