Existing Homes Sales Up for Second Straight Month

Mortgage News from Quicken Loans

The National Association of Realtors (NAR) announced today that existing home sales for November were 0.6 percent higher than in October. This was the second consecutive month-over-month increase following decreases from February through September. Experts believe this is an indication that the housing market has stabilized and stands to improve in 2007.

Quicken Loans Chief Economist Bob Walters says existing home sales are slowly starting to rebound with good reason. "Long-term interest rates are as low as they have been all year and the inventory of unsold homes on the market has caused many sellers to greatly reduce their prices," says Walters. "These two factors, and an economy which is steadily adding jobs each month, are major factors driving purchase activity."

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Existing Homes Sales Up for Second Straight Month

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