The NAR released its Pending Home Sales Index for July today and the news was not good.

The Pending Home Sales Index*, based on contracts signed in July, fell 12.2 percent to a reading of 89.9 in July from the June index of 102.4, and was 16.1 percent lower than July 2006 when it stood at 107.1…Lawrence Yun, NAR senior economist, said abnormal factors are clouding the horizon.  “It’s difficult to fully account for mortgage disruptions in the index, and our members are telling us some sales contracts aren’t closing because mortgage commitments have been falling through at the last moment,” he said. 

While we have seen only  a little bit of that on Maui, we may well see more going forward. For details, contact us!