Existing Home Sales Remain Flat
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 0.3% in May when compared to the previous month's sales.
Bob Walters, chief economist for Quicken Loans, says the lack of sales growth is surprising given the current glut of homes on the market.
"The slowdown in existing home sales is surprising, given that it comes at a time when there is a glut of unsold homes on the market, and mortgage interest rates remain at favorable levels," Walters said. "It is important to remember that this is just one of several important housing reports this week, ending with the Federal Reserve's announcement on Thursday. While it is too early to draw any conclusions, I suspect at the end of the week we will find we are still in the early stages of a slow developing market stabilization."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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