Unexpected Increase In Home Sales
5429
Finance > Mortgage
Mar 1, 2007
Jim M. Woodard
Unexpected Increase In Home Sales
Housing forecasts by experts often don?t turn out as expected. For example, sales of existing homes increased by 5.2 percent in February to a seasonally adjusted annualized rate of 6.91 million units, according to a report from the National Association of Realtors. Most analysts predicted a downturn in sales. Leading economists were expecting sales of about 6.52 million, according to a survey conducted by MarketWatch.
However, the supply of unsold homes rose by 5.2 percent in February to 3.03 million. That?s close to the all-time record of 3.04 million in 1986. That inventory represents 5.3 months supply of home inventory. NAR still predicts a lower level of home sales this year. Existing home sales are expected to fall 5.7 percent to 6.67 million units during the year ? down from the record 7.08 million last year.
New home sales are expected to drop by 7.7 percent this year. New home construction starts will probably total 1.98 million this year, down 4.3 percent from last year. As for home prices (nationally), they are expected to increase by about 5.4 percent this year. The 30-year,, fixed-rate mortgage will probably increase gradually during the year to about 6.9 percent by the fourth quarter, according to NAR.
However, the supply of unsold homes rose by 5.2 percent in February to 3.03 million. That?s close to the all-time record of 3.04 million in 1986. That inventory represents 5.3 months supply of home inventory. NAR still predicts a lower level of home sales this year. Existing home sales are expected to fall 5.7 percent to 6.67 million units during the year ? down from the record 7.08 million last year.
New home sales are expected to drop by 7.7 percent this year. New home construction starts will probably total 1.98 million this year, down 4.3 percent from last year. As for home prices (nationally), they are expected to increase by about 5.4 percent this year. The 30-year,, fixed-rate mortgage will probably increase gradually during the year to about 6.9 percent by the fourth quarter, according to NAR.
Article Source: http://www.articlerich.com
Copyright 2006 LowQuoteLeads.com Syndicated real estate columnist and feature writer Mortgage / Real Estate Update Report www.LowQuoteLeads.com
Write a Review
Add to My Favorite
Refer it to Friend
Report Article
Other links owned by this user
Husing frecasts by experts ften dn?t turn ut as expected. Fr example, sales f existing hmes increased by 5.2 percent in February t a seasnally adjusted annualized rate f 6.91 millin units, accrding t a reprt frm the Natinal Assciatin
Category:
Homes are the most reliable source for funding the owners? retirement, even more so than other personal means, like IRAs, savings and working in retirement, according to results of a recent study. As retirement looms for a huge wave of baby boomers, the
Category:
Other links at Finance > Mortgage
You may know somebody who is a landlord/landlady and seems to do very nicely. They are apparently enjoying a substantial extra income, and can look forward to a nice fat profit when they sell their properties. You think “I’d like some of that, too.” So yo
Category:
People in debt try to break even by paying their monthly installments. However if they are not punctual or do not manage their finances well, the interests gradually eat into their income. These debts go on accumulating and certain solutions have to be th
Category:
Copyright 2006 National Real Estate Network LLC Over the years I have learned that almost all investors want mortgages that will give them loans that include dollars for rehabilitation and renovation of investment
Category:
There are many proposed methods of paying off a mortgage early. Let's recap the most popular of these methods and see which ones work best!
Category:
Site Sponsor
Directory Statistics
Articles: 68252
Categories: 501
Yahoo Entertainment
