Sales of existing-home sales increased in May with buyers responding to lower home prices.
Existing-home sales increased 2 percent to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April.
NAR President Richard F. Gaylord says buyers are seeing value in the current housing market. “Home buyers are […]

Mortgage Interest Rates rise to a 8 Month High
Speculation that the central bank could reverse its rate cutting campaign later this year as a way to keep inflationary pressures in check drove up mortgage borrowing costs during the past week, according to Freddie Mac.
Interest on 30 year loans settled at 6.32 percent in the latest survey, climbing from […]

Experts and analysts agree that the foundation for a healthy housing market is in place: low interest rates, a low unemployment rate, a rising population, and increasing wealth. With home prices at 2002 and 2003 levels, the stage is set for a large rebound.
“When the market recovers, home prices will march right back up quickly.”
In […]