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Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.



The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will… Continue

The recent Case Shiller report shows price declines in front of the tax credit completion...The index gives us a slight 0.38% decline in the top ten market composite. Year over year the index is up 3.15% when compared to March 09. Recent strong price moves will come to a serious halt because the tax stimulus is behind us. The silver lining in this is that it proves demand is there, just waiting for the right price and for some of this historic uncertainty to settle. This… Continue

With house prices expected to slid and unemployment to rise substantially further, this third foreclosure wave will grow larger. If house prices fallanother 10% over the coming year,as Moody’s Economy.com currently forecasts, an estimated 18.6 million homeowners could be underwater.



More to Come

Even if the economy stabilizes in 2010 as expected, defaults will remain elevated long afterward. More large payment resets are due to hit… Continue

Market Composite Index: (loan application volume) increased 3.9 percent on a seasonally adjusted basis from one week earlier



Refinance Index: increased 14.8 percent from the previous week and the… Continue