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Pending Home Sales Dip -Click To View Video
The Pending Home Sales Index in the Northeast fell 5.8 percent to 63.6 in August but is 1.3 percent higher than August 2010.
Although economic growth as measured by the Gross Domestic Product is expected to remain positive, uncertainty is causing some consumer hesitation.According to Lawrence Yun chief economist to the National Association of Realtors , “We need to remove the road blocks to the housing recovery for people who are trying to take advantage of excellent affordability conditions,” Yun added. “Unfortunately, some buyers also will face notably higher mortgage rates on jumbo loans because of a lack of competition in the banking industry.”