But not in the West! The NAR report that national pending sales are down 16% from November 2008 to November 2009 is really bad news. Economists and Realtors expected sales and pending sales to drop because the first time home buyer tax credit was due to expire, and with no word until the end of November, buyers weren't offering on homes. The drop was greater than many expected and hoped for, but that is a national number, and in this region things are going much better. The West's numbers include states such as California, Nevada, and Arizona that had no where to go but up. Pending sales still declined 2.7% to 124.6 points from October to November 2009, but that is 21.4% above November 2008. So while the other regions of the country are continuing to have pending sales drop, the Western region only had a small drop, but still a huge increase from year to year. I would rather live and own property in a region that is improving year to year, rather than the rest of the country that had a good summer but is doing worse year after year.
Read more from NAR here.
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