MGIC Investment Corp. (MTG): PENDING HOMES SALES SMASH RECORD, SUPPLY...

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tommiegun54

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Tuesday, 06/30/2020 8:40:24 AM

Tuesday, June 30, 2020 8:40:24 AM

PENDING HOMES SALES SMASH RECORD, SUPPLY OF HOMES LOW

http://www.mortgagenewsdaily.com/video/archive/2020/6/29.aspx#948261

"JANN SWANSON
Mortgage News Daily

Record Surge in Pending Home Sales
Jun 29 2020, 10:11AM

Lawrence Yun, chief economist for the National Association of Realtors® (NAR), predicted last month that April's home sales contract activity "will be the lowest point for pending sales." That turns out to have been a huge understatement--at least for now.

This morning's release of NAR's Pending Home Sales Index (PHSI) showed the number of those contracts for purchasing existing single-family houses, condos, townhomes, and cooperative apartments did indeed explode in May, soaring by 44.3 percent to 99.6. It was the greatest single month increase since NAR started tracking pending sales in 2001. Every major region recorded an increase in month-over-month activity, while the South also had a year-over-year increase in pending transactions."