*339  went pending in the month of September

Just as I predicted in last months update- we had a surge in homes sold in the month of September with a decrease in homes pending sale. Why? This happens every year in real estate due to summer vacations ending and school starting.

The percentage of real estate that is "distressed" (short sale/bank owned) had no significant change.

What about home values? My first hand experience with current listings and performing market analysis for potential listings still shows a steady decline in values. I've also had conservations with appraisers and other agents who are confirming my observations. Purchase and sales are coming in lower than asking price (tomorrow's comparables), current listings are continuing to drop their prices to be competitive, and we are still seeing many "distressed" homes coming on the market. The good news is that home affordability is at all time lows with 3 years of prices falling and historicaly low interest rates! This is a great time to buy!

Current interest rates are hovering  around 4.15% with all indications leading to a rate increase in the future, more than likely after the November elections!