Existing Home Sales See Slight Decline
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 0.2% in July when compared to the previous month's sales.
Bob Walters, chief economist for Quicken Loans, says the decrease in sales, along with the largest inventory of unsold homes in 16 years, shows the market is still struggling to find solid footing.
"The dip in existing home sales is just another example of a real estate market still in a state of flux," Walters said. "I would expect to see a decline in the next report as well, as the market adjusts for the recent credit tightening."
"What is lost in the recent news is that most consumers have good credit and can document their income, and as a result are having no problem getting financing at very favorable rates."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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