Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Home Resales Increase 6.5%
WASHINGTON (8/22/13)--U.S. existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases, according to the National Association of Realtors (NAR).
 
Total existing-home sales--which are completed transactions that include single-family homes, townhomes, condominiums and co-ops--increased 6.5% to a seasonally adjusted annual rate of 5.39 million in July from a downwardly revised 5.06 million in June. July's sales are 17.2% above the 4.60 million-unit pace in July 2012. Sales have remained above year-ago levels for 25 months.
 
Lawrence Yun, NAR chief economist, said changes in affordability are impacting the market. "Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines," he said. "The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers."  
 
Despite higher mortgage interest rates, Yun identified compensating factors that can sustain a continued recovery. "Although housing affordability conditions will become less attractive, jobs are being added to the economy, and mortgage underwriting standards should normalize over time from current stringent conditions as default rates fall," he explained.
 
To read the NAR release, use the link.
RSS print
News Now LiveWire
SuperValu confirms second data breach via @pymnts http://t.co/vpHVwhL3PV
52 minutes ago
68% of businesses unprepared to respond to data breach: Experian/Ponemon #NewsNow #System http://t.co/T6KRtIZEoN
1 hours ago
New @CUNA CEO Nussle talks about CU tax status in @thehill : #NewsNow http://t.co/sm8TO71qb5
1 hours ago
#NewsNow: CU leagues of 5 states call for merchant breach accountability http://t.co/lnmpna8AoV
18 hours ago
Worker's CU, Fitchburg, Mass., was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award
20 hours ago