Charles Rutenberg Realty's Joe Moshé Comments on the Surge in Pending Home Sales in October

Dec. 3, 2010 - PRLog -- Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the double-digit increase in pending home sales during the month of October is a result of homebuyers rushing to take advantage of low home prices and near record-low mortgage rates.

The National Association of Realtors reported that the index of sales agreements in October was 89.3, a 10.4% increase from the previous month’s seasonally adjusted reading of 80.9. This marked the third time in four months that gains in pending home sales were made. However, the index remains 20.5% below last October’s figure of 112.4, according to the NAR. These figures do not reflect the number of closings.

“Many people saw home prices drop and, with mortgage rates at near-record lows, saw it as a great opportunity to purchase a home,” Mr. Moshe said. “It is refreshing to see these numbers go up after a decline in pending sales the previous two months. It will be interesting to see how the housing market will perform in the next few months as the federal government debates whether or not to keep the mortgage deduction.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,200 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 1,200 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.