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| Arthur Real Estate Services, LLC |
Chattanoooga Metro FHA Loan Limit (Hamilton, Dade, Walker, & Catoosa)=
$271,050 for single family dwellings. Source: https://entp.hud.gov/idapp/html/hicost1.cfm
$271,050 for single family dwellings. Source: https://entp.hud.gov/idapp/html/hicost1.cfm
Arthur Real Estate Services, LLC
P.O. Box 2252
Fort Oglethorpe, Georgia 30742
-Licensed in Georgia and Tennessee
P.O. Box 2252
Fort Oglethorpe, Georgia 30742
-Licensed in Georgia and Tennessee
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Pending Home Sales Down; Severe Weather Impacting Market
Washington , March 04, 2010
Pending home sales are down and additional declines are expected from abnormal weather
conditions, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in January, fell
7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than
January 2009 when it was 80.5.
Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. “January pending
sales, though still higher than one year ago, remain much lower than expected given that a large
number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the
abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered
shopping activity in February,” he said.
As such, abnormal swings are expected in housing data. “We will see weak near-term sales followed
by a likely surge of existing-home sales in April, May and June,” Yun said. “The real question is what
happens in the second half of the year. If there is sufficient job creation, housing can become self-
sustaining with stable to modestly rising home prices because inventory has been trending
downward.”
The PHSI in the Northeast fell 8.7 percent to 71.3 in January but is 20.5 percent higher than January
2009. In the Midwest the index dropped 8.9 percent to 81.2 but is 11.8 percent above a year ago.
Pending home sales in the South slipped 2.1 percent to an index of 98.1, but the index is 18.0 percent
higher than January 2009. In the West the index dropped 13.2 percent to 102.9 but is 1.4 percent above
a year ago.
Reprinted from Realtor® Magazine Online {March, 2010} with permission of the NATIONAL
ASSOCIATION of REALTORS®. Copyright {2010}. All rights reserved.
Washington , March 04, 2010
Pending home sales are down and additional declines are expected from abnormal weather
conditions, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in January, fell
7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than
January 2009 when it was 80.5.
Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. “January pending
sales, though still higher than one year ago, remain much lower than expected given that a large
number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the
abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered
shopping activity in February,” he said.
As such, abnormal swings are expected in housing data. “We will see weak near-term sales followed
by a likely surge of existing-home sales in April, May and June,” Yun said. “The real question is what
happens in the second half of the year. If there is sufficient job creation, housing can become self-
sustaining with stable to modestly rising home prices because inventory has been trending
downward.”
The PHSI in the Northeast fell 8.7 percent to 71.3 in January but is 20.5 percent higher than January
2009. In the Midwest the index dropped 8.9 percent to 81.2 but is 11.8 percent above a year ago.
Pending home sales in the South slipped 2.1 percent to an index of 98.1, but the index is 18.0 percent
higher than January 2009. In the West the index dropped 13.2 percent to 102.9 but is 1.4 percent above
a year ago.
Reprinted from Realtor® Magazine Online {March, 2010} with permission of the NATIONAL
ASSOCIATION of REALTORS®. Copyright {2010}. All rights reserved.
*** The tax credit for home buyer's is drawing to close. Please take
advantage of it while there is still time. For more details, please
visit
http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
advantage of it while there is still time. For more details, please
visit
http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit