Lowest Level of Home Sales in 15 Years

By
Mortgage and Lending with Roxy Redenbaugh (Acceptance Capital Mortgage Corporation)

The National Association of Realtors reported existing home sales fell 27.2% in July to the lowest level in 15 years, with the supply of homes rising to 12.5 months at the current pace of sales. The weak state of the housing market is of great concern as it reflects deterioration in demand, which in turn affects prices.

As one should expect, stocks are being sold and U.S. Treasuries are rallying as investors flock to a safe harbor with most of the buying on the long end; the 30 year bond. The price of the 30 year is higher by 1.75% while shorter maturities such as the 5 year note are higher by only .30%. Mortgage prices have improved between .125% and .25% from the close on Monday.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Hawaii
Groups:
Diary of a Realtor
Investors
Posts to Localism
Realtors®
The Optimist
Tags:
housing market
mortgage update
stock market

Spam prevention
Show All Comments
Rainmaker
84,878
Simon Mills
Mills Realty - Toluca Lake, CA

With the summer winding down and kids heading back to school these numbers are only going to get worse.  Until we have a solution for the rising unemployment we are in for a long rough road.

Aug 24, 2010 08:26 AM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
39,284

Roxy Redenbaugh

NMLS#269926
Ask me a question
*
*
*
*