Question by whiterose_xox: PLEASE SUMMARIZE!!! hw help?
Please summarize this is 2 paragraphs!! im having difficulty and its late in america. 1:30 a.m. and i have school 2morrow!! HELP!
ASHINGTON (MarketWatch) — Pending home sales in July rose 5.2% from downwardly revised June levels, the National Association of Realtors reported Thursday, though the indicator shows the market for existing homes is still depressed after the expiration of a key tax benefit.
As the availability of a home buyer tax credit worth as much as $ 8,000 expired at the end of April, the pending home sales index plunged 29.9% in May and another 2.8% in June. The NAR had initially reported a 2.6% drop for June.
The July index came in better than the 1% monthly drop that economists had forecast, though sales in July were nonetheless 19.1% below those during the same month in 2009.
The data reflects contracts and not closings, which normally occur with a lag time of one or two months. The NAR index is based on a large national sample, typically representing about 20% of transactions for existing-home sales.
The May plunge in pending home sales hinted at the 27.2% plunge in existing-home sales reported in July.
“Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” said Lawerence Yun, chief economist for the trade group.
“For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”
Though the pending-home-sales index isn’t always a reliable indicator of future existing home sales, the report is consistent with a rebound from July’s record low of 3.83 million to around 4.4 million in August, according to Paul Dales, U.S. economist at Capital Economics.
“That would be a spectacular 15% month-on-month jump, but it would not even reverse the falls seen after the expiry of the tax credit and would leave sales at levels not sustained since 1997.”
About half of all households have less than 20% equity in their home, meaning they won’t be able to get another mortgage, he said. Pointing to the 4.43% 30-year mortgage rate, he said even the housing bargain of a lifetime is not enough to bring the market back to life.
Steve Goldstein is MarketWatch’s Washington bureau chief.
🙁 oh well i guess ill jux do my own hw…
Answer by eri
Here’s my summary.
I’m a student taking a class I don’t understand but for some reason I think I’m entitled to pass anyway. Please give me an A for cheating.
Know better? Leave your own answer in the comments!