Pending home sales and the recovery
The National Association of Realtors (NAR) Pending Home Sales Index rose 2.0% to 97.0 in January, according to data released yesterday.
According to NAR chief economist Lawrence Yun, the numbers inspire hope for an active home-buying season this spring.
"Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year," he said. "With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
Regionally, the index rose 7.6% in the Northeast, declined 3.8% in the Midwest, increased 7.7% in the South and fell 4.4% in the West.
“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun added. “If and when credit availability conditions return to normal, home sales will likely get a 15% boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater."
Pending home sales are defined as a sale that has been signed, but the transaction has not closed.
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Special report: Made in the USA
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Domestic manufacturing profile: CARR
In March of 1945, Vernon Lester Carr started V.L. Carr & Son Pattern Co. in an old metal shop behind his house in Los Angeles. His son, Wendell Whittaker Carr, joined him later that year at the end of World War II after his return from serving as a patternmaker in the Navy.
Today, CARR is a third-generation, family owned, American-made manufacturer headquartered in Southern California.
"One of our latest new products is our Work Truck Steps," said Steve Norris. "These galvanized steel, gas cylinder-deployed mechanical steps mount to any flat surface where both sides of the mounting area are accessible."
The company has more than 67 years of business under its belt, manufacturing exterior vehicle accessories. "We design, engineer, package and stock our own products in-house to ensure that our customers get the highest value for their investment," Norris said.
The company buys all of its OEM parts (from suppliers we’ve know for decades) locally in Southern California.
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