Economy Rockford: Boosted Home Sales Do Not Equal Closure

23 News Real Estate expert Steve Bois says pending sales typically translate into a solid sign. A sale is listed as pending when a contract has been signed; but the transaction has not closed. Right now, credit issues and cautious lending are shutting the door on some home sales. Transactions are also taking longer because of short sales or foreclosures. But Bois also says local buyers are becoming more conscious about how much house they can afford.

Typically a sale is finalized within one or two months of signing.

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