Tuesday, May 25, 2010

Latest National Housing Sales and Prices

With buyers getting in before the Homebuyer Tax Credit expired April 30, existing home sales rose for April.  But so did inventory,  And ultimately, the Homebuyer Tax Credit disappointed--with "First Timers" exiting the market in March, not April.

Meanwhile, the Case-Shiller numbers for March were released, and these declined.  CalculatedRISK delineates the weakening Case-Shiller numbers.

Meanwhile, David Stevens, the chief of the FHA says the housing market is on "life support":
“This is a market purely on life support, sustained by the federal government,” he said at the Mortgage Bankers Association conference. “Having FHA do this much volume is a sign of a very sick system.”

The FHA, which backs loans with down payments as low as 3.5 percent, insured $52.5 billion of home-purchase mortgages in the first quarter, compared with $46 billion of purchases of the debt by Fannie Mae and Freddie Mac, according to data compiled by Washington-based Potomac Partners.
Read here. 

Related Reading:
Mortgage Rates Near Historic Lows...As Mortgage Applications Slide to 13 yr Low and more of those who already have mortgages find themselves in trouble....

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