The U.S. Housing Market saw more signs of a decline in the latest report of pending home sales for existing homes. The National Association of Realtors index of pending home sales dropped 2.6%. This index measures the number of Americans signing contracts to buy previously owned homes. The index had shown a gain of 3.7% in October which was a sign that market might be stabilizing, but this latest report is another sign that 2008 is going to be another tough year for the housing market.

This report supports statements made by the Treasury Secretary Henry Paulson when he forecasted on Tuesday that the housing recession will continue and will be the biggest risk to economic expansion.

What does this mean for Delaware Home Buyers and Sellers? It means the seller mean to be realistic about their asking price and need to be willing to help buyers with closing costs in order to sell their homes.  Buyers need to take advantage of the market and negotiate for a lower sales price and ask for settlement assistance from the seller. Despite the rumors about the mortgage industry, Delaware home buyers can still get 100% financing and even obtain a loan with bad credit.

If you need help qualifying for a home loan or help selling your home, please feel free to call me at 302-368-7132 Ext.12. We even have a Get Mortgage Ready Program for people who don’t qualify for a Delaware Home Loan right now.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713