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Buyers Signing Contracts but Closings are Few

Lots of info packed into last week’s video from National Association of Realtors Chief Economist Lawrence Yun. He covers the continued uptick of pending home sales in June and the dissappointing closing results following a similar uptick in May. Yun also covers the impact the gridlock in Washington has had on the economy and real estate markets and the threat of rising interest rates caused by the debt-ceiling impasse.

Even though it looks tonight like that impasse is resolved, interest rates may rise because investors have lost confidence in the political system’s ability to resolve this simplest of things. Regardless of your political views, it’s clear the real estate market is going to be slow until the economy can create more jobs.

My preliminary run of Flagstaff home sales for July says the median price dropped in July. Look for full report and analysis next week.

To see this video and to learn more about buying or selling a Flagstaff Home, go to Ann Heitland’s website:  http://blog.bestflagstaffhomes.com/

 

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