Existing Home Sales Ease Slightly from Last Month
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, eased 1.2 percent in May in a month-over-month comparison to April. Sales were also 6.6 percent below existing home sales of May 2005.
"Despite the drop in May, low long-term interest rates continue to support existing home sales, as does the strong economy. These two factors are also responsible for the elevated housing starts last week and a much stronger than anticipated new home sales report yesterday," said Bob Walters, chief economist of Quicken Loans.
This article is reprinted by permission from Quicken Loans © 2006 Quicken Loans Inc. All rights reserved.
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