In a healthy economy, people buy roughly 6 million homes per year.

By
Mortgage and Lending with America's Mortgage Lender llc. 62320

Sales of pervious occupied homes fell in June for a third straight month for a seasonally adjusted 4.77 million. The pace is lagging behind the 4.91 million homes sold last year – THE FEWEST SINCE 1997.

New home sales also declined in June and are trailing last year sales, which were the worst on records dating back nearly ½ century.

On the up side:

The average rate on a 15-20-30 year fixed mortgage has fallen to its lowest level in decades.

Comments (2)

Kimberlie Hooker
CreditRepairNurse.com - Phoenix, AZ
CreditRepairNurse.com | Online Software for Credit Repair

Do you foresee mortgage guidelines becoming looser in the coming months so that more people will qualify?

Aug 06, 2011 07:51 AM
Antonio Llamas
America's Mortgage Lender llc. - Morristown, NJ
Pre-approved, Mortgage, NJ,FL,PA,MD

Hi Kim,

I don’t think that will happen anytime soon. Until the private sector starts to support and invest into the housing market    ...only until then the guide lines may loosen.  "Too much liability and risk when swapping mortgage backed securities."

Fixing your credit at this time may be the only option.  

 

Aug 06, 2011 08:23 AM