Existing Home Sales Down Fourth Straight Month
Mortgage News from Quicken Loans
The National Association of Realtors announced today that total existing home sales - including singe-family, townhomes, condominiums and co-ops - decreased 3.8% in June when compared to the previous month's sales.
Bob Walters, chief economist for Quicken Loans, says he expects to see an improvement in existing home sales next month due to the low long-term mortgage rates and the large inventory of unsold homes on the market.
"Existing home sales took a dip today, which is extremely disappointing as it marks four months of consistent decline," said Walters. "Since existing home sales have declined so significantly over the last few months, it would not surprise me to see an increase next month as the market adjusts. This type of ebb and flow in activity is to be expected in a market that is still struggling to find its footing."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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