Pending home sales in February fell to a new all time low, according to a report released today the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator that tallies signed purchase contracts, fell 1.9 percent from January to February and was 21.4 percent lower than in February 2007.
The PHSI stood at 84.6 in February, down from 86.2 in January and 107.1 in February 2007.
An index of 100 is equal to the average level of contract activity during 2001, which was the inaugural year of the index, and the first of five successive record years for existing-home sales.
Pending sales actually rose 3.2 percent in the Northeast during the month, but slipped in the Midwest, South, and the West.
Unfortunately the new conforming jumbo isn’t exactly taking off, with many loan officers claiming typical jumbo rates are outperforming rates guaranteed by Fannie and Freddie.
(photo: mookies)
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