Existing Home Sales Decline Despite Low Rates
Mortgage News from Quicken Loans
The National Association of Realtors announced today that total existing home sales - including single-family, townhomes, condominiums and co-ops - decreased by 2.6% in April when compared to the previous month's sales.
Quicken Loans Chief Economist, Bob Walters, says despite the dip in activity, he expects to see home sales strengthen in the coming months.
"Today's decline in existing home sales is surprising, given yesterday's report that new home sales jumped last month by 16.2 percent. There is a large inventory of homes on the market. Long term mortgage rates are low and homeowners who are motivated to sell are offering significant price cuts," said Walters. "Some first time home buyers have been edged out of the market due to the recent tightening of lending guidelines. However, it remains a very attractive time for consumers to make a purchase. I would expect to see home sales pick up steam throughout the remainder of the spring and summer months."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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