Sales of existing single-family homes fell 5% in July to the lowest level since January 2004, while sales of condominiums and cooperatives rose 2.8%, according to the National Association of Realtors.The NAR reported that total sales of single-family homes, condos, and co-ops fell 4.1% from a seasonally adjusted annual rate of 6.60 million in June to 6.33 million in July. Inventories of existing homes rose to a 7.3-month supply -- the highest since April 1993. NAR chief economist David Lereah said he believes sellers have to lower their prices to attract buyers, which means house prices are likely to decline over the next few months. "As a result, there could be some lift in home sales, but it'll likely take some months for price appreciation to rise," Mr. Lereah said. He also noted that the recent quarter-point drop in the 30-year mortgage rate could stimulate sales. The NAR economist attributes the pickup in condo sales to more aggressive pricing. Annual price appreciation on condos was down 1% in July, while prices of single-family homes are up 1.5% since July 2005. Sales of single-family homes have declined 11.4% since last July, when house prices were rising at a 14.6% annual rate.
-
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
1h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
2h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
8h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
9h ago -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23