Thursday, April 17, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Signed contracts to buy US homes level off

Pending Home Sale

FILE - In this Friday, Feb. 22, 2013 file photo, a sale pending announcement sits atop a for sale sign in a home's yard in Richardson, Texas. National Association of Realtors releases pending home sales index for November on Monday, Dec. 30, 2013. (AP Photo/LM Otero, File)

By
December 31, 2013 | Leave Comment

WASHINGTON — The number of Americans who signed contracts to buy existing homes in November was essentially unchanged from October, suggesting sales are stabilizing after several months of declines.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index ticked up to 101.7 from 101.5 in October. The October figure was revised lower from an initial reading of 102.1.

Higher mortgage rates and strong price gains over the past two years have slowed sales. The pending home sales index had fallen for five straight months before November. And completed sales of existing homes fell for three straight months, the Realtors said earlier this month.

There is generally a one- to two-month lag between a signed contract and a completed sale.

The average interest rate on a 30-year mortgage edged higher to 4.48 percent last week, from 4.47 percent the previous week. Rates jumped about 1.25 percentage points from May through September, peaking at 4.6 percent. That increase occurred after Federal Reserve Chairman Ben Bernanke indicated that the Fed would start to slow its bond-buying program before the end of the year.

Earlier this month, the Fed announced it will reduce its $85 billion in monthly bond purchases by $10 billion a month starting in January. The bond purchases are intended to push down longer-term interest rates and encourage more borrowing and spending.

Robert Kavcic, an economist at BMO Capital Markets, said that recent housing market indicators have been mixed. Applications for mortgages to purchase homes fell to a nearly two-year low last week, he said.

Still, “we continue to believe that the U.S. housing market will absorb the upward move in mortgage rates and push higher in 2014, helped by still-attractive affordability, better job growth and improved confidence in the recovery,” Kavcic said.

Despite the recent declines, home re-sales should reach 5.1 million in 2013, the best total in seven years, the Realtors forecast. That’s 10 percent higher than 2012′s total of almost 4.7 million. But it’s still below the 5.5 million that is consistent with a healthy housing market.

The Realtors forecast that sales will remain largely flat in 2014 and then rise to 5.3 million in 2015. Steady job gains should make it easier for more people to buy homes. And mortgage rates remain low by historical standards.

Signed contracts rose in the South and West last month, while falling in the Northeast and Midwest.

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

Supervisor candidates square off at forum

By Barry Eberling | From Page: A1, 11 Comments | Gallery

 
Carli takes oath, now Vacaville’s 14th police chief

By Susan Winlow | From Page: A1 | Gallery

 
Huge jump in Solano median home price

By Brad Stanhope | From Page: A1, 8 Comments | Gallery

 
Donate a car, help build a house

By Amy Maginnis-Honey | From Page: A3

 
Solano DA hosts workshop to fight human trafficking

By Ian Thompson | From Page: A3, 16 Comments | Gallery

Drugs topic of cardiac class

By Adrienne Harris | From Page: A4

 
Fairfield town hall on crime delayed

By Ryan McCarthy | From Page: A4, 12 Comments

 
Railway museum offers wine-tasting rides

By Adrienne Harris | From Page: A4

 
Suisun Police log: April 14, 2014

By Susan Hiland | From Page: A12

 
Weather for April 17, 2014

By Daily Republic | From Page: B12

Fairfield police log: April 15, 2014

By Susan Hiland | From Page: A12, 1 Comment

 
Suisun City police log: April 15, 2014

By Susan Hiland | From Page: A12

Fairfield police log: April 14, 2014

By Susan Hiland | From Page: A12

 
.

US / World

Armed robber was never told to report to prison

By The Associated Press | From Page: A1

 
Lost sea lion in California found mile from water

By The Associated Press | From Page: A4

Body of California man who jumped into river found

By The Associated Press | From Page: A4, 1 Comment

 
Seabird from Atlantic spotted on Alcatraz

By The Associated Press | From Page: A5

Ex-Bell city leader gets 12 years in prison

By The Associated Press | From Page: A5, 1 Comment

 
California delays decision on protecting gray wolf

By The Associated Press | From Page: A5

Court rules for environmentalists in water fight

By The Associated Press | From Page: A5

 
Governor calls special session on rainy day fund

By The Associated Press | From Page: A5, 1 Comment

NATO ups military presence amid Russian threat

By The Associated Press | From Page: A10, 1 Comment

 
Denver police eye 911 response time after killing

By The Associated Press | From Page: A10, 1 Comment

Man charged with marathon hoax is held on bail

By The Associated Press | From Page: A10

 
Geneva talks on Ukraine face steep hurdles

By The Associated Press | From Page: A10

Pro-Russian insurgents seize armored vehicles

By The Associated Press | From Page: A10

 
Ferry sinks off South Korea; 6 dead, 290 missing

By The Associated Press | From Page: A10

.

Opinion

Obamacare news you probably missed

By Martin Schram | From Page: A11, 7 Comments

 
Editorial Cartoons for April 17, 2014

By Kim Durbin | From Page: A11

In support of Pam Bertani

By Letter to the Editor | From Page: A11, 12 Comments

 
Parenting demands responsibility

By Ruben Navarrette | From Page: A11, 2 Comments

 
.

Living

A lesson in household budgeting

By Chris Erskine | From Page: A2

 
Today in History for April 17, 2014

By The Associated Press | From Page: A2

Community Calendar: April 17, 2014

By Susan Hiland | From Page: A2

 
Horoscopes for April 17, 2014

By Holiday Mathis | From Page: A9

 
.

Entertainment

TVGrid

By Daily Republic Syndicated Content | From Page: B4

 
Daniel Radcliffe on why New York audiences rock

By The Associated Press | From Page: A7

Alicia Silverstone out with book ‘Kind Mama’

By The Associated Press | From Page: A7

 
Jenny McCarthy announces engagement on ‘The View’

By The Associated Press | From Page: A7

Ailing Malcolm Young taking break from AC/DC

By The Associated Press | From Page: A7

 
Disney Channel’s ‘Jessie’ breaks romantic ground

By The Associated Press | From Page: A7

.

Sports

Crawford’s 41 points leads Warriors over Nuggets

By The Associated Press | From Page: B1 | Gallery

 
Vacaville’s Peralta to wrestle at San Francisco State

By Daily Republic staff | From Page: B1

Angels beat A’s 5-4 on Iannetta’s HR in 12th

By The Associated Press | From Page: B1 | Gallery

 
MEL, SCAC tangle in hoops all-star games

By Paul Farmer | From Page: B1

Sharks take goalie questions into rematch vs Kings

By The Associated Press | From Page: B1

 
Sidney Rice agrees to terms with Seahawks

By The Associated Press | From Page: B2

 
Goodwin helps Suns to 104-99 win over Kings in finale

By The Associated Press | From Page: B2 | Gallery

IndyCar driver Saavedra fined $10K

By The Associated Press | From Page: B2

 
Sandoval’s single lifts Giants past Dodgers, 2-1

By The Associated Press | From Page: B2 | Gallery

Officer: Sharper’s DNA found on 1 Arizona victim

By The Associated Press | From Page: B2

 
Jets sign former Titans RB Chris Johnson

By The Associated Press | From Page: B2

Spieth ready for more after Masters success

By The Associated Press | From Page: B2

 
Backup QB Matt Flynn returns to Packers

By The Associated Press | From Page: B2

Atlanta lands MLS expansion team for 2017

By The Associated Press | From Page: B2

 
Bucks owner Herb Kohl reaches deal to sell team

By The Associated Press | From Page: B2

 
.

Business

Yellen: Fed stimulus still needed for job market

By The Associated Press | From Page: B4

 
Some exempted from minimum wage, increased or not

By The Associated Press | From Page: B4

Fed survey: Growth picks up across most of US

By The Associated Press | From Page: B5

 
Bank of America posts loss, hurt by legal charges

By The Associated Press | From Page: B5

IBM posts lower 1Q earnings amid hardware slump

By The Associated Press | From Page: B5

 
Google’s 1Q earnings disappoint as ad prices slip

By The Associated Press | From Page: B5

.

Obituaries

.

Comics

B.C.

By Daily Republic Syndicated Content | From Page: A8

 
Baby Blues

By Daily Republic Syndicated Content | From Page: A8

Pickles

By Daily Republic Syndicated Content | From Page: A8

 
Sally Forth

By Daily Republic Syndicated Content | From Page: A8

Peanuts

By Daily Republic Syndicated Content | From Page: A8

 
Wizard of Id

By Daily Republic Syndicated Content | From Page: A8

Beetle Bailey

By Daily Republic Syndicated Content | From Page: A8

 
For Better or Worse

By Daily Republic Syndicated Content | From Page: A8

Zits

By Daily Republic Syndicated Content | From Page: A8

 
Blondie

By Daily Republic Syndicated Content | From Page: A8

Get Fuzzy

By Daily Republic Syndicated Content | From Page: A8

 
Baldo

By Daily Republic Syndicated Content | From Page: A8

Dilbert

By Daily Republic Syndicated Content | From Page: A8

 
Frank and Ernest

By Daily Republic Syndicated Content | From Page: A8

Garfield

By Daily Republic Syndicated Content | From Page: A8

 
Rose is Rose

By Daily Republic Syndicated Content | From Page: A8

Cryptoquote

By Daily Republic Syndicated Content | From Page: A9

 
Bridge

By Daily Republic Syndicated Content | From Page: A9

Crossword

By Daily Republic Syndicated Content | From Page: A9

 
Sudoku

By Daily Republic Syndicated Content | From Page: A9

Word Sleuth

By Daily Republic Syndicated Content | From Page: A9