Ann Arbor Board of Realtors Housing Statistics for June 2009

The sales figures for June, reported by the Ann Arbor Area Board of REALTORS®, show

some stable market activity with increased in sales prices in Ann Arbor, Ypsilanti, Whitmore Lake and

Saline. On a national level, pending home sales show a sustained upward trend, rising for four

consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting

activity. "Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of

contracts that go to closing. "Closed existing-home sales have improved but are coming in

lower than expected because some contracts are delayed or falling through from the

application of new appraisal rules for many transactions," he said. "Rises in contract activity

show buyers are becoming more active even as they face much more stringent loan

underwriting standards. Speedy clarification of the appraisal rules could smooth a housing

market recovery and support the overall economy." This is good news I wish the rules would have been

clarified sooner, May and June closing were definately affected about the new appraisal rules and

guidelines.