Global Economic Weakness Comes Home; Existing Home Sales Tumble – Daily Mortgage Rate Update for August 24th, 2010
August 24, 2010 by Dan Hartman · Leave a Comment
The National Association of Realtors reported on existing home sales in July this morning, and the results were dismal. Home sales declined at a year-over-year pace of 27.2%, falling to a pace of 3.83 million units per year. While this information sounds very bad, bear in mind that the figures reported by NAR annualize a single month’s results. The housing sector has been viewed as the destroyer of the economy, and is widely seen as the sector that will lead the economy back to normalcy in the future.
Jobless Claims Rise; Home Sales Fall; 30-Year Fixed Rate Hits New Record Low – Daily Mortgage Rate Update for July 22nd, 2010
July 22, 2010 by Dan Hartman · 2 Comments
For most home buyers, the first time home buyer tax credit is gone. There are a few groups still eligible. A recent extension wet through allowing buyers who entered contract by April 30th extra time to close due to challenges such as overloaded underwriting departments or delays in processing short sale agreements. In addition, members of the Armed Forces serving on official extended duty outside the US have until April 30th, 2011 to enter into a contract, and until June 30, 2011 to close, in recognition of their service, and the difficulty of taking advantage of the tax credit while abroad.
