SALES UP FOR THE WEEK
PENDING AND AWC HAVE PEAKED AND REMAIN LEVEL
ECONOMIC NEWS WEIGHING HEAVY ON HOUSING RECOVERY
Pending Sales: 7343 ( -120 from last week)
Active/with Contingency: 1457 ( -12 from last week)
Active Listings: 52,462 ( +168 from last week)
Closed Escrows (Through 7/20) 1327 ( +348 from last week)
Closed Month To Date: (7/20) 3024
Single Family Sold: 1183
Single Family MTD: 2,684
Active Single Family: 42,966
Sales were up for the week, and we seem to be on track to get to 5,000 sales for the month, but the financial markets seem to be weighing down a strong recovery. Our pending and AWC contracts have peaked and have slid back slightly over the last several weeks, and imply that we are not going to improve our June sales-the best month we have had this year. July is going to be better than last July, almost assuredly, but it would have been nice to build on June sales. There is still a lot of talk about how difficult it is to get financing, as banks are being very cautious with their lending now. There also seems to be a large number of new listings coming on line, and I am wondering a bit if the number of active listings will fall this month at all. Foreclosures may be coming back on the market, and there are a fair amount of short sales out there as well.
The treasury secretary came out on sunday and gave less than an optimistic view on the idea of a quick recovery, but hopefully the shoring up of Fannie Mae and Freddie Mac will mean that conforming mortgages will have a market, and the lenders can let their breath out, and make the loans.
I am not as optimistic about a quick recovery in housing, as there seems to be such an overhang of inventory we just can't seem to make a dent in. The supply of homes on the market is still way to high, and our earlier gains in cutting inventory seem to be counter-balanced by more coming on line. We will probably still be selling 5000 homes a month for the next few, but I don't know that it is enough to really cut inventory.
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