Charles Rutenberg Realty Broker/Owner Joe Moshé Comments on the Rise in Pending Home Sales in July

Sept. 3, 2010 - PRLog -- Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the increase in pending home sales during the month of July is a positive sign, providing hope of an improvement in the Real Estate industry.

The National Association of Realtors reported that the index of sales agreements in July was 79.4, up 5.2% from the previous month’s seasonally adjusted reading of 75.5. But, according to the NAR, that month’s figure is off by 19.1% compared to the July 2009 figure of 98.1. These figures do not reflect the number of closings.

“This is a positive sign and an indication that the market may be beginning to rebound from the lows of the past few months, which were clearly affected by the expiration of the federal tax incentives,” Mr. Moshé said. “Do not look for home prices to increase yet; there still is too much inventory on the market. For us to rebound on home prices, the banks will have to release their inventory, negotiate sales in a more reasonable manner so the inventory will finally start to decrease. Then we can start to return to a more stable Real Estate market.”

The increase in pending home sales, Mr. Moshé said, could be attributed to the record-low mortgage rates and falling home prices. “Currently, many homeowners are taking advantage of the low interest rates by refinancing,” he said. “For those who are looking to purchase a home, the time is now. If you are able to afford to buy a house, then you will benefit from both the low interest rates and the low home prices.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with almost 900 Agents on Long Island, Queens and Westchester. For more information, call (516) 575-7500, or visit www.crrli.com.

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About Charles Rutenberg Realty
Founded in 2006, Charles Rutenberg Realty of New York is one of the nation’s fastest-growing, most progressive Real Estate Agencies with over 900 Agents on Long Island, Queens and Westchester. Charles Rutenberg Realty specializes 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.