The NAR or National Association of Realtors just released the September existing home sales data...Although it points to persistent weakness in the Real Estate Market, there is some silver lining to report. Below are the published figures.
RTRS-US SEPT EXISTING HOME SALES 4.53 MLN UNIT ANNUAL RATE(CONS 4.3 MLN) VS AUG 4.12 MLN (PRV 4.13 MLN)
RTRS-US SEPT EXISTING HOME SALEXS +10.0 PCT (CONS +4.0 PCT) VS AUG +7.3 PCT (PREV +7.6 PCT)
RTRS-US SEPT INVENTORY OF HOMES FOR SALE -1.9 PCT TO 4.040 MLN UNITS, 10.7 MONTHS SUPPLY
RTRS-US SEPT NATIONAL MEDIAN PRICE FOR EXISTING HOMES $171,700, -2.4 PCT FROM SEPT 2009
RTRS-US NAR SAYS 35 PCT OF US SEPT EXISTING HOME SALES WERE DISTRESSED SALES VERSUS 34 PCT IN AUG
RTRS-TABLE-U.S. SEPT EXISTING HOME SALES ROSE 10.0 PCT
Rates are still holding steady in the 4-4.25% for the most qualified borrowers. Rates have the chance of falling further, but not until the FED solidifies their stance on quantative easing. This week should give guidance to rate direction. Stay tuned and keep that finger over the "lock" button!
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