There is no end in sight, no bottom near. That creates massive opportunity for agents who have the skills this market demands.
The number of Americans signing contracts to buy previously owned homes declined more than forecast in February, indicating no sign of a bottom in the U.S. real-estate recession that is entering its third year.
Clearly, the best opportunity in this market is helping homeowners who have to sell their homes because they can no longer afford them. Agents who know how to do short sales are the agents who will thrive in this market. Knowing how to do a short sale in no longer optional.
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The National Association of Realtors’ index of signed purchase agreements decreased 1.9 percent to 84.6, the lowest reading since records began in 2001, the group said today. The drop follows a revised 0.3 percent increase in January.
Looking for a bottom in housing is a little premature,” Drew Matus, senior economist at Lehman Brothers Holdings Inc. in New York, said in a Bloomberg Television interview. “Prices are likely to come down and we expect that to continue for some time.”
The NAR forecast existing-home sales in 2008 would fall to 5.39 million compared with 5.65 million last year. Purchases of new homes will decline to 576,000 from 775,000 in 2007, the group said today.
Th slow down in home sales and the dramatic decrease in home equity creates opportunity for agents who know how to do short sales.
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Pending resales dropped in two of four regions, led by a 5.5 percent decline in the South. Purchases fell 3.7 percent in the Midwest. Pending sales increased 3.2 percent in the Northeast and 2.1 percent in the West.
The pending figures are considered a leading indicator of resales because they track contract signings. The purchase data, due later this month, reflects closings, which typically occur one or two months later.
Demand for houses continues to languish as defaults on subprime mortgages and rising foreclosures push even more properties onto the market. Banks selling foreclosed homes and builders eager to get rid of inventories are slashing prices.
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