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Existing Home Sales Decline in May
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
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.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Existing Home Sales Decline in May
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
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.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Existing Home Sales Decline in May

June 21, 2011 (Chris Moore)

Existing home sales declined in May according to the latest report released by the National Association of Realtors (NAR). Completed transactions that include single-family homes, townhomes, condominiums, and co-ops declined 3.8 percent from April to May 2011.

Lawrence Yun, chief economist at NAR, blamed the decline on temporary factors such as spiking fuel prices and widespread severe weather, but felt that current housing market activity indicates a very slow pace of broader economic activity and as the temporary factors dissipate, a much stronger second half of the year was anticipated.

Yun also continued to reiterate his belief that the lending community is being overly restrictive on loan underwriting standards which he feels is clearly holding back the recovery.

“Even with recent economic softness, this is a disappointing performance with home sales being held back by overly restrictive loan underwriting standards,” he said. “There’s been a pendulum swing from very loose standards which led to the housing boom to unnecessarily restrictive practices as an overreaction to the housing correction – this overreaction is clearly holding back the recovery.”

Year-over-year prices continued to drop as the national median price for all housing types was $166,500 in May, down 4.6 percent from May 2010.

Distressed homes accounted for 31 percent of all sales in May, which was down 37 percent from April, and was the same amount as a year ago. All cash transactions accounted for 30 percent of the sales in May, down from 31 percent in April, but up from 25 percent in May 2010.

Regionally, existing home sales in the Northeast declined 2.5 percent to an annual level of 770,000 in May and are 13.5 percent below May 2010 and in the Midwest existing home sales dropped 6.4 percent in May to a pace of 1.02 million and are 22.7 percent below a year ago.

In the South, existing home sales fell 5.1 percent to an annual level of 1.85 million in May and are 14.4 percent below May 2010 and in the West existing home sales were unchanged at an annual pace of 1.17 million in May but are 10.0 percent lower than a year ago.

The median price in the Northeast was $241,500, up 6.1 percent from a year ago and in the Midwest the median price was $136,400, which is 8.5 percent below May 2010.

The median price in the South was $149,200, down 3.1 percent from a year ago and in the West the median price was $192,300, which is 12.6 percent below May 2010.

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

Source:
NAR

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

June 21, 2011 (Chris Moore)

Existing home sales declined in May according to the latest report released by the National Association of Realtors (NAR). Completed transactions that include single-family homes, townhomes, condominiums, and co-ops declined 3.8 percent from April to May 2011.

Lawrence Yun, chief economist at NAR, blamed the decline on temporary factors such as spiking fuel prices and widespread severe weather, but felt that current housing market activity indicates a very slow pace of broader economic activity and as the temporary factors dissipate, a much stronger second half of the year was anticipated.

Yun also continued to reiterate his belief that the lending community is being overly restrictive on loan underwriting standards which he feels is clearly holding back the recovery.

“Even with recent economic softness, this is a disappointing performance with home sales being held back by overly restrictive loan underwriting standards,” he said. “There’s been a pendulum swing from very loose standards which led to the housing boom to unnecessarily restrictive practices as an overreaction to the housing correction – this overreaction is clearly holding back the recovery.”

Year-over-year prices continued to drop as the national median price for all housing types was $166,500 in May, down 4.6 percent from May 2010.

Distressed homes accounted for 31 percent of all sales in May, which was down 37 percent from April, and was the same amount as a year ago. All cash transactions accounted for 30 percent of the sales in May, down from 31 percent in April, but up from 25 percent in May 2010.

Regionally, existing home sales in the Northeast declined 2.5 percent to an annual level of 770,000 in May and are 13.5 percent below May 2010 and in the Midwest existing home sales dropped 6.4 percent in May to a pace of 1.02 million and are 22.7 percent below a year ago.

In the South, existing home sales fell 5.1 percent to an annual level of 1.85 million in May and are 14.4 percent below May 2010 and in the West existing home sales were unchanged at an annual pace of 1.17 million in May but are 10.0 percent lower than a year ago.

The median price in the Northeast was $241,500, up 6.1 percent from a year ago and in the Midwest the median price was $136,400, which is 8.5 percent below May 2010.

The median price in the South was $149,200, down 3.1 percent from a year ago and in the West the median price was $192,300, which is 12.6 percent below May 2010.

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

Source:
NAR

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

June 21, 2011 (Chris Moore)

Existing home sales declined in May according to the latest report released by the National Association of Realtors (NAR). Completed transactions that include single-family homes, townhomes, condominiums, and co-ops declined 3.8 percent from April to May 2011.

Lawrence Yun, chief economist at NAR, blamed the decline on temporary factors such as spiking fuel prices and widespread severe weather, but felt that current housing market activity indicates a very slow pace of broader economic activity and as the temporary factors dissipate, a much stronger second half of the year was anticipated.

Yun also continued to reiterate his belief that the lending community is being overly restrictive on loan underwriting standards which he feels is clearly holding back the recovery.

“Even with recent economic softness, this is a disappointing performance with home sales being held back by overly restrictive loan underwriting standards,” he said. “There’s been a pendulum swing from very loose standards which led to the housing boom to unnecessarily restrictive practices as an overreaction to the housing correction – this overreaction is clearly holding back the recovery.”

Year-over-year prices continued to drop as the national median price for all housing types was $166,500 in May, down 4.6 percent from May 2010.

Distressed homes accounted for 31 percent of all sales in May, which was down 37 percent from April, and was the same amount as a year ago. All cash transactions accounted for 30 percent of the sales in May, down from 31 percent in April, but up from 25 percent in May 2010.

Regionally, existing home sales in the Northeast declined 2.5 percent to an annual level of 770,000 in May and are 13.5 percent below May 2010 and in the Midwest existing home sales dropped 6.4 percent in May to a pace of 1.02 million and are 22.7 percent below a year ago.

In the South, existing home sales fell 5.1 percent to an annual level of 1.85 million in May and are 14.4 percent below May 2010 and in the West existing home sales were unchanged at an annual pace of 1.17 million in May but are 10.0 percent lower than a year ago.

The median price in the Northeast was $241,500, up 6.1 percent from a year ago and in the Midwest the median price was $136,400, which is 8.5 percent below May 2010.

The median price in the South was $149,200, down 3.1 percent from a year ago and in the West the median price was $192,300, which is 12.6 percent below May 2010.

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

Source:
NAR

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS