Existing home sales, which include single-family houses, townhomes, condominiums, and co-ops, fell 27.2 percent in July, according to The National Association of Realtors. Sales of single-family homes were at their lowest level since May 1995. Lawrence Yun, NARâ€™s chief economist, said the soft sales pace was largely due to the lingering effects of the homebuyer tax credit. Since the tax creditâ€™s expiration, sales have fallen 34 percent. Yun believes sales will continue to be slow through September, but record-low mortgage rates and high affordability combined with an improvement in the job market could lead to a quick recovery. More here and here.
Matthew R. Carreon
Certified Mortgage Planning Specialist
Leveraged Home Equity
895 Dove St., 3rd Fl.
Newport Beach, CA 92660