It certainly takes plenty of determination to find the opportunities in today's housing market. Last week the National Association of Realtors (NAR) reported Existing Home Sales down 3.8% in May to an annual rate of 4.81 million units, a six-month low.
The median price was up for the month, though down 4.6% from a year ago. Inventories declined, but the months' supply increased to 9.3 because of the slower sales rate.
Nevertheless, the NAR's economist opined, "...sales activity in the second half of the year is expected to be stronger than the first half, and will be much stronger than the second half of last year."
Thursday's New Home Sales showed a 2.1% drop for May, to a 319,000 annual rate, but this did beat expectations.
The months' supply fell to 6.2, as inventories dropped to their lowest level on record. Yet the FHFA home price index, which measures prices for homes bought with conforming mortgages, was up 0.8% for March, its largest monthly gain since 2005!
The Mortgage Bankers Association (MBA) reported purchase loan demand down a seasonally adjusted 3.9% from the week before, but up 4.4% over a year ago.
From my weekly enewsletter INSIDE LENDING, for real estate pros, June 27, 2011
Comments(0)