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Sales of existing homes drop
Despite the incentives to buy now -- namely that average rates on a 30-year mortgages are now 3.7% -- sales of single-family existing homes slipped 1.5% in May from a month earlier, according to data released today by the National Association of Realtors. Experts say the drop, which came during the historically busy spring season, suggests the housing market has a way to go to recover. If anything, the ranks of American homeowners are dwindling. The homeownership rate in the U.S. fell slightly from 66% to 65% during the first quarter of 2012 -- the lowest in 15 years, according to the latest data by the U.S. Census. (It peaked at just over 69% in 2004.)Posted by: Fred 2012-06-22 |
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