Pending sales index reports increases

The pending-home-sales index rose 5.3% in June, after hitting a six-year low in May, according the National Association of Realtors.
AUG 07, 2008
By  Bloomberg
The pending-home-sales index rose 5.3% in June, after hitting a six-year low in May, according the National Association of Realtors. The index, which measures signed sales contracts, increased to 89 from 84.5 in May, but remains 12.3% below the June 2007 level. June’s reading was the highest for the index since October, when it hit 89.8. Contract signings increased 9.3% in the South, 4.6% in the West, 3.4% in the Northeast and 1.3% in the Midwest. "This is welcome news because a rise in contract activity is necessary for an overall housing recovery," said Lawrence Yun, chief economist at the Washington-based NAR. The pending-sales index will continue to increase due to recent housing legislation that offers a tax credit to first-time homebuyers and aims to reduce the number of foreclosures. "With a tax credit now available to first-time homebuyers, increases in home sales could be sustained, with the momentum carrying into 2009," Mr. Yun said.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave