According to the National Association of Realtors, pending home sales might have dipped last November but it can be expected to pick up in the last six months of 2008.
The index of existing home sales has dropped to 87.6 from 89.9 of October 2007. The lowest Realtors index was recorded in August 2007. The index plummeted to an 85.5, an all-time record. For the final Realtors index report for 2007, the group expects a 12.7 percent decrease from 2006.
Many analysts are expecting the housing market problems to worsen especially with the weakened labor market. Chief Executive Daniel H. Mudd of Fannie Mae hopes that home prices may start gaining, albeit modestly, by 2010.
Meanwhile, the group projects home sales of 5.91 million in 2009 and 5.7 million for this year. The Realtors are not certain if a recovery in pending home sales can happen by spring or by the end of the year.
Home sales have been greatly affected especially with the subprime mortgage crisis still affecting home appreciation values. The large number of foreclosure homes has driven down property values in many cities. There has also been significant impact on the nation’s economy as many mortgage lenders filed for bankruptcy.
Although there is a large inventory of cheap properties, many buyers and investors are still standing in the sideline and bidding time, waiting for home prices to fall further. In addition, buyer confidence remains to be shaky as the nation tries to brace their selves from the possibility of a recession.
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