Sales of U.S. Existing Homes Rose More Than Forecast
May 23, 2010, Bloomberg News
Sales of U.S. previously owned homes rose in April to the highest level in five months as buyers took advantage of the last weeks of a government tax credit. Purchases increased 7.6 percent to a 5.77 million annual rate, figures from the National Association of Realtors showed today in Washington. Sales were the highest since November, the month the incentive was first due to expire. The median price climbed 4 percent from April 2009.
Mortgage Rates Decline Below 5%
May 24, 2010, Wall Street Journal
The financial turmoil in Europe is providing an unexpected windfall for American home buyers, as international money seeking a safe haven is flowing into the U.S., pushing domestic mortgage rates to the lowest levels of the year and back near 50-year lows. Many in the industry now say rates could drift as low as 4.5% this summer from 4.86% now, instead of rising to 6% as some economists projected, making for significantly lower payments for Americans buying homes or refinancing their mortgages.
Short Sales on the Rise
May 23, 2010, Desert Sun
With foreclosures continuing to pummel the Coachella Valley floor and home values dropping real estate agents are working with property owners in bigger numbers to drive short sales.
Anger at the Root of Mortgage Default Problem, Study Finds
May 22, 2010, Washington Post
Memo to the bank: Take this money-sucking, underwater house and shove it! Go ahead and wreck my credit for years to come. I'm walking away, no matter what. Why? That's the question posed by Brent T. White, a University of Arizona law professor whose academic paper last year on the fast-spreading "strategic default" phenomenon drew sharp criticism from lenders and Wall Street, who viewed him as the Pied Piper of the walk-away movement.