During this period, all contracts will be extended, when necessary, at no cost to the buyer. Purchasers will be advised as soon as funding becomes available for closings, and a closing date will be established as soon as possible thereafter."
Apparently everything in Connecticut and Rhode Island will be back on track in two weeks, Main and Vermont will take two to four weeks, and closings in Massachusetts and New Hampshire "were expected to resume yesterday."
So that makes the Realtors' complaint sound at best a bit petty and at worst inaccurate. This, as they are releasing some really positive numbers that went beyond the street's expectations.
I'm wondering if they had the excuses lined up because they knew folks like me were going to poke holes in their 8.2 percent monthly jump in contracts signed for existing home purchases.
Let's start with the fact that this big monthly jump comes after a larger drop in April, so the index is still at its second lowest level since last November. Okay, but the index was up over 13 from May 2010. Right, and last April 30th marked the expiration for signing contracts to get the home buyer tax credit, so you had a big May drop-off, and therefore you have nowhere to go from that but up.