Pending sales way up!

Well maybe a rise in interest rates is a good thing sometimes.  While closed sales in Laguna Beach, Newport and Corona del Mar are way down from last year it looks like things may be turning for the better.  Peniding sales for Laguna and CDM total 66, and for Newport the number is 111.  Not bad condsidering we had just 43 sales for CDM and Laguna for the month of May, and Newport had just 51. While these numbers may not be huge it is likely that the large jump in rates over the last 2 weeks had something to do with it.  Rates have pulled back some over the last 2 days and historically are still very low so it's nothing to panic about but if rates continue to climb it will no doubt crush a weak socal housing market.  Someone that doesn't care what rates do has put a home in escrow in Laguna's prestigous Emerald Bay that is priced at $33 million, right on the sand and just under 6,000 sq ft of living space.  Should close any day now, I'll keep you updated.