Charles Rutenberg Realty's Joe Moshe Comments On The Rise in Pending Home Sales in February

April 6, 2010 - PRLog -- Joe Moshe, Broker/Owner, Charles Rutenberg Realty, said pending home sales in February exceeded expectations as a result of homebuyers rushing to take advantage of the homebuyers’ tax credit, which expires at the end of the month.

The National Association of Realtors reported that the Pending Home Sales Index — a leading indicator of the housing sector based on pending sales of existing homes — rose 8.2% to 97.6 from January’s figure of 90.2, and was up 17.3% from the February 2009 figure of 83.2. The Pending Home Sales Index reflects contracts that have been signed, not transactions that have been closed.

“We did not expect the number of pending home sales to go up that much in February, with the brutal weather that wreaked havoc across the nation,” Mr. Moshe said. “With the spring season now upon us and the tax credit for first-time homebuyers now extended to April 30, we may see a surge in pending home sales as the deadline draws close once again.”

Since the Federal Reserve ended its $1.2 trillion program to purchase mortgage-backed securities on March 31, interest rates on fixed-rate and adjustable-rate mortgages have risen above 5%, raising concerns on how that will impact the housing market. “The overall long-term recovery of the housing market also depends, to a great extent, on the level of unemployment. As long as unemployment rates continue to be high, foreclosures will keep rising and the housing market will not truly recover,” Mr. Moshe said.

In addition to the federal tax credits, many first-time homebuyers in New York are applying for loans through the State of New York Mortgage Agency (SONYMA), which also offers low deposit requirements and down payment assistance. “Propelled by these additional tax credits and incentives for homebuyers, we can expect to see temporary gains in sales over the next few months,” Mr. Moshe said.

For more information, call (516) 575-7500 or visit http://www.crrli.com.

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About Charles Rutenberg Realty
Founded in 2006, Charles Rutenberg Realty of New York is the fastest growing, most progressive real estate office in New York, specializing in residential properties in Nassau, Suffolk, Queens, Kings and Westchester Counties. Among the 1,900 independent real estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty has the highest market share for available inventory, listings taken for the first six months of the year and listings under contract. Its agents are trained in the latest creative marketing programs and can fulfill all their clients’ financial and personal needs when buying or selling a home. Charles Rutenberg Realty is headquartered in Plainview, New York, with offices in New York City, Florida and Illinois. For more information, call (516) 575-7500 or visit www.crrli.com.