News on the Real Estate Front

According to the National Association of Realtors pending home sales have increased in June; activity has increased in the West and South of the Nation while declining in the Northeast and Midwest. The Pending home sales index is based on contract signings and rose 2.4% in June. The average time frame between pending contract and actual closing was 2 months.

Yun, NAR chief economist says that tight credit and economic uncertainty are constricting the market. Experts expect existing home sales to total 5 million this year. They also report that Foreclosure activity is down in most U.S. metro areas. Some metropolitan areas even see a sharp drop as banks no longer move all that hard against home owners who are behind on their payments.

In 178 of the country’s 211 largest metropolitan areas Foreclosure activity dropped during the first 6 months of 2011. Some 1.7 million potential Foreclosures are being held at this time say statistics. Florida is amongst the areas that saw big declines in Foreclosure activity.

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