“Pending” means they are still trying to get loan approval, and that’s been the problem since TARP went into effect. The federal government gave the banks tons of cash, but put in such strict rules on capital reserves that very, very few of these “pending sales” will get loans and result in actual home sales.
Well in my area of So. CA were seeing sold signs followed by people moving out, with others moving in behind them.
Are they all rich foreigners? Don’t know. But they are selling from what we see.
In 2007 I sold a home on Cape Cod. Since then the home has been “sold” twice. Both deals fell through and the home is back on the market. What is out there now are bottom feeders, people looking to steal a home, usually a repossession and the banks as much as they want to unload their inventory are still being very cautious with their lending.
If a buyer has a credit score of less than 775 and a debt to income ratio much over 25% they have little chance of securing a loan.
Some of my clients are still building homes...and using a ‘rent to own’ contract to get people in them. I wonder if this contract counts as ‘pending’.