Morning Minute: U.S. pending home sales climbed again in July

The National Association of REALTORS® (NAR) reported today that U.S. pending home sales rose 3.3 percent in July compared to a month earlier and the Pending Home Sales Index, which tracks contract signings, is at its highest level since August 2013. Annually, pending sales are slightly lower, down 2.1 percent compared to July 2013, according to NAR.

In other headlines:

4 Signs the Economy Is Gradually Returning to Normal – Freddie Mac

Lower Rates Give Loan Demand Slight Boost – Daily Real Estate News

Morning Minute: Foreclosure activity down in Chicago area

Some good news on the distressed property front: foreclosure activity in Chicago, and the U.S., dipped in July, the Chicago Tribune reports. While Illinois still ranks high when it comes to foreclosure rates, there has been downward movement with activity down 12 compared to June and down 7 percent from a year ago. Read more in the Tribune article, “Foreclosure activity continues to fall in Chicago area, U.S.

In other headlines:

8 Best Cities to Be a Real Estate Agent (Rockford ranks No. 3!) – Daily Real Estate News

Fixed Mortgage Rates Edge Lower – Freddie Mac

Morning Minute: Housing market moving to healthier, sustainable levels, NAR reports

Nationally, home price growth slowed in the second quarter of this year, but the National Association of REALTORS® (NAR) says the pace is a healthy one. Homeowners can continue to build equity while prices are still within reach of potential buyers looking for a home, said NAR Chief Economist Lawrence Yun. Read more.

In other headlines:

Where is real estate booming across America? – HousingWire

FHA Commissioner Says She’ll Step Down – REALTOR® Magazine

 

Morning Minute: U.S. pending home sales slow in June, but rise in Midwest

The number of pending home sales slowed slightly from May to June, but in a few regions of the country — the Midwest and West — pending sales inched up compared to last month, according to the latest Pending Home Sales Index released today by the National Association of REALTORS®.

The overall index declined 1.1 percent compared to May. In the Midwest, the pending sale index increased 1.1 percent and in the West, it was up 0.2 percent. All regions are lower when comparing year-over-year.

NAR Chief Economist Lawrence Yun said lower housing inventory, tight credit and employee wages that have remained flat continue to be factors impacting the housing market, but he is looking for sales to move upward through the rest of the year. Read more from Yun and NAR.

 

Morning Minute: Selling your home this summer? 10 tax tips you need to know

Source: BigStock.com

With lower available inventory and rising home prices, this summer could be a great time to decide to list your house for sale.

If you are ready to sell, the Internal Revenue Service (IRS) has pulled together 10 quick tax tips that you need to know. One rule: If you have a capital gain on the sale of your home, the gain may not be taxable.

Click here for this and other IRS selling tax tips.

In other headlines:

Good time to buy? Home sales, inventory rise in June – Chicago Tribune

NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers – REALTOR.org