Industry News

Pending Home Sales Take a Tumble

Phil Hall
Jun 28, 2017

The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) dropped by 0.8 percent to 108.5 in May from a downwardly revised 109.4 in April. On a year-over-year basis, the PHSI is down 1.7 percent, which the second straight annual decline and the most recent since November and December of 2016.
 
On a regional measurement, the PHSI was down in the Northeast by 0.8 percent to 96.4, down in the South by 1.2 percent to 123.4 in May, and down in the West by 1.3 percent to 98.6. The Midwest index was unchanged from April to May at 104.5.
 
NAR Chief Economist Lawrence Yun blamed the disappointing data on continued problems with historically low inventory. “Monthly closings have recently been oscillating back and forth, but this third consecutive decline in contract activity implies a possible topping off in sales,” he said. “Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.” 
Link copied
Published
Jun 28, 2017
Get the NMP Daily
Courts
Triumph In Texas: Combatting 'Pay-to-Pay' Fees

Bailey Glasser secures class action victory against fees for paying mortgages by phone.

Bailey & Glasser LLP, representing a group of consumers who were unfairly charged fees solely for making phone payments on their mortgages, achieved a substantial summary judgment triumph in a class action case in a federal district court in Houston, Texas. The legal ac...

Continue reading
Industry News
Fannie Mae Introduces Spanish-Language Homebuyer Education Program

The new platform, HomeView en Español, aims to bridge language barriers hindering Hispanic-Americans from purchasing homes..

Fannie Mae has unveiled HomeView en Español, a digital platform tailored to provide Spanish-speaking consumers with accessible information on financial literacy and homeownership. The platform, available 24/7, allows users to either independently navigate the content or seek...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Fannie Mae Introduces Spanish-Language Homebuyer Education Program

The new platform, HomeView en Español, aims to bridge language barriers hindering Hispanic-Americans from purchasing homes..

Industry News
Sep 29, 2023
Layoffs At Better.com

After a rocky market debut, Better.com has laid off staff.

Industry News
Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Industry News
Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Industry News
Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Industry News
Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Industry News
Sep 11, 2023