Settlement with the country’s five largest mortgage lenders is
positive step for market
WALTHAM, Mass. – February 10, 2012 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in January went up again for the ninth straight month compared to the same time in 2011. Condominium pending sales were also up from the same time last year. The Association also cited the foreclosure settlement between the states’ attorneys generals and the country’s five largest lenders as a positive step for a housing market recovery.
“It’s nice to see that the buyer activity that REALTOR® members across the state have been seeing has been confirmed in the pending sales report for January,” said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport. “The mild weather in January was a bonus on top of improving job numbers and continued low interest rates. Hopefully the settlement between the states and the five largest mortgage lenders regarding foreclosure practices will provide additional stability and confidence in the market.”
The number of single-family homes put under agreement in January was up 39.44 percent compared to the same time last year (*2,041 homes in 2011 to 2,846 homes in 2012). This is the ninth straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement went up 1.86 percent from 2,794 homes in December.
The number of condos put under agreement in January was up 25.77 percent compared to January 2011 (*846 units in 2011 to 1,064 units in 2012). On a month-to-month basis, condos put under agreement were up less than one percent at 0.66 percent from 1,057 units in December.
About Pending Sales:
The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months.
A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 18,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
*Please note: As of January 2012, all 2011 pending home sales data has been updated to reflect new collection methods from the three REALTOR® affiliated Multiple Listing Services in Massachusetts via 10K Research and Marketing.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.