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Existing Home Sales Continue Their Bumpy Ride
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You're Now Reading:
Existing Home Sales Continue Their Bumpy Ride
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Existing Home Sales Continue Their Bumpy Ride
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May 20, 2011 (Shirley Allen)

Existing home sales continued its ride along the bottom of the housing barrel as completed transactions declined 0.8 percent in April, 2011, compared to March according to the National Association of Realtors (NAR). Although the market has managed six gains in the last nine months, Lawrenece Yun, chief economist of NAR, says the market is “underperforming” especially considering this is generally the time of year sales are suppose to be gaining momentum and declining home prices and historically low mortgage interest rates have now made home buying highly affordable.

“Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger,” he said. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”

A parallel survey conducted by NAR shows that 11 percent of Realtors reported that a contract had been cancelled in April due to an appraisal coming in below the negotiated price between a buyer and a seller. Ten percent of the appraisals reportedly delayed a contract and 14 percent required a contract to be negotiated to a lower sales price.

Existing home sales, which includes single-family homes, condominiums, and co-ops, sold at a seasonally adjusted rate of 5.05 million homes in April, down from a revised 5.09 million homes in March, and down from 5.8 million in April 2010.

NAR also reports that all-cash transactions stood at 31 percent, down from a record high of 35 percent in March. Investors account for the bulk of cash purchases. First time home buyers purchased 36 percent of the homes for sale, up from 33 percent in March. Investors stayed busy by capturing 20 percent of existing homes sales in April, which was down from 22 percent in March.

Distressed home sales continued to influence home prices as the national median home price was $163,700 with distressed properties typically being sold at about a 20 percent discount. Distressed home sales accounted for 37 percent of sales in April, down from 40 percent in March.

Housing inventories increased in April to 3.87 million existing homes available for sale. Based on current sales trends, that translates into a 9.2 month supply of homes.

Regionally, existing-home sales in the Northeast fell 7.5 percent to an annual pace of 740,000 in April and are 32.1 percent below a year-ago surge and in the Midwest existing-home sales rose 5.7 percent in April to a level of 1.12 million but are 16.4 percent below a cyclical peak in April 2010.

In the South, existing-home sales declined 1.0 percent to an annual pace of 1.95 million in April and are 9.3 percent below a year ago, while in the West, existing home sales slipped 1.6 percent to an annual level of 1.24 million in April and are 0.8 percent below April 2010.

The median price in the Northeast was $225,400, which is 7.3 percent below April 2010, while in the Midwest, the median price was $133,200, down 5.1 percent from a year ago.

The median price in the South was $142,800, which is 4.1 percent lower than April 2010 and in the West, the median price was $203,400, down 6.1 percent from a year ago.

Tags: NAR, existing home sales, underperforming market, affordable conditions, low mortgage rates, declining prices, low appraisals, cancelled contracts, median home price

Source:
NAR

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ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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Tips
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Rates

May 20, 2011 (Shirley Allen)

Existing home sales continued its ride along the bottom of the housing barrel as completed transactions declined 0.8 percent in April, 2011, compared to March according to the National Association of Realtors (NAR). Although the market has managed six gains in the last nine months, Lawrenece Yun, chief economist of NAR, says the market is “underperforming” especially considering this is generally the time of year sales are suppose to be gaining momentum and declining home prices and historically low mortgage interest rates have now made home buying highly affordable.

“Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger,” he said. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”

A parallel survey conducted by NAR shows that 11 percent of Realtors reported that a contract had been cancelled in April due to an appraisal coming in below the negotiated price between a buyer and a seller. Ten percent of the appraisals reportedly delayed a contract and 14 percent required a contract to be negotiated to a lower sales price.

Existing home sales, which includes single-family homes, condominiums, and co-ops, sold at a seasonally adjusted rate of 5.05 million homes in April, down from a revised 5.09 million homes in March, and down from 5.8 million in April 2010.

NAR also reports that all-cash transactions stood at 31 percent, down from a record high of 35 percent in March. Investors account for the bulk of cash purchases. First time home buyers purchased 36 percent of the homes for sale, up from 33 percent in March. Investors stayed busy by capturing 20 percent of existing homes sales in April, which was down from 22 percent in March.

Distressed home sales continued to influence home prices as the national median home price was $163,700 with distressed properties typically being sold at about a 20 percent discount. Distressed home sales accounted for 37 percent of sales in April, down from 40 percent in March.

Housing inventories increased in April to 3.87 million existing homes available for sale. Based on current sales trends, that translates into a 9.2 month supply of homes.

Regionally, existing-home sales in the Northeast fell 7.5 percent to an annual pace of 740,000 in April and are 32.1 percent below a year-ago surge and in the Midwest existing-home sales rose 5.7 percent in April to a level of 1.12 million but are 16.4 percent below a cyclical peak in April 2010.

In the South, existing-home sales declined 1.0 percent to an annual pace of 1.95 million in April and are 9.3 percent below a year ago, while in the West, existing home sales slipped 1.6 percent to an annual level of 1.24 million in April and are 0.8 percent below April 2010.

The median price in the Northeast was $225,400, which is 7.3 percent below April 2010, while in the Midwest, the median price was $133,200, down 5.1 percent from a year ago.

The median price in the South was $142,800, which is 4.1 percent lower than April 2010 and in the West, the median price was $203,400, down 6.1 percent from a year ago.

Tags: NAR, existing home sales, underperforming market, affordable conditions, low mortgage rates, declining prices, low appraisals, cancelled contracts, median home price

Source:
NAR

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

May 20, 2011 (Shirley Allen)

Existing home sales continued its ride along the bottom of the housing barrel as completed transactions declined 0.8 percent in April, 2011, compared to March according to the National Association of Realtors (NAR). Although the market has managed six gains in the last nine months, Lawrenece Yun, chief economist of NAR, says the market is “underperforming” especially considering this is generally the time of year sales are suppose to be gaining momentum and declining home prices and historically low mortgage interest rates have now made home buying highly affordable.

“Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger,” he said. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”

A parallel survey conducted by NAR shows that 11 percent of Realtors reported that a contract had been cancelled in April due to an appraisal coming in below the negotiated price between a buyer and a seller. Ten percent of the appraisals reportedly delayed a contract and 14 percent required a contract to be negotiated to a lower sales price.

Existing home sales, which includes single-family homes, condominiums, and co-ops, sold at a seasonally adjusted rate of 5.05 million homes in April, down from a revised 5.09 million homes in March, and down from 5.8 million in April 2010.

NAR also reports that all-cash transactions stood at 31 percent, down from a record high of 35 percent in March. Investors account for the bulk of cash purchases. First time home buyers purchased 36 percent of the homes for sale, up from 33 percent in March. Investors stayed busy by capturing 20 percent of existing homes sales in April, which was down from 22 percent in March.

Distressed home sales continued to influence home prices as the national median home price was $163,700 with distressed properties typically being sold at about a 20 percent discount. Distressed home sales accounted for 37 percent of sales in April, down from 40 percent in March.

Housing inventories increased in April to 3.87 million existing homes available for sale. Based on current sales trends, that translates into a 9.2 month supply of homes.

Regionally, existing-home sales in the Northeast fell 7.5 percent to an annual pace of 740,000 in April and are 32.1 percent below a year-ago surge and in the Midwest existing-home sales rose 5.7 percent in April to a level of 1.12 million but are 16.4 percent below a cyclical peak in April 2010.

In the South, existing-home sales declined 1.0 percent to an annual pace of 1.95 million in April and are 9.3 percent below a year ago, while in the West, existing home sales slipped 1.6 percent to an annual level of 1.24 million in April and are 0.8 percent below April 2010.

The median price in the Northeast was $225,400, which is 7.3 percent below April 2010, while in the Midwest, the median price was $133,200, down 5.1 percent from a year ago.

The median price in the South was $142,800, which is 4.1 percent lower than April 2010 and in the West, the median price was $203,400, down 6.1 percent from a year ago.

Tags: NAR, existing home sales, underperforming market, affordable conditions, low mortgage rates, declining prices, low appraisals, cancelled contracts, median home price

Source:
NAR

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.