The National Association of Realtors announced today that total existing home sales – including single-family, townhomes, condominiums and co-ops – decreased 1% in April when compared to the previous month’s sales.
Bob Walters, Chief Economist for Quicken Loans, says he is not surprised by the reports findings considering that credit remains extremely tight.
“We’re seeing unprecedented deals in the housing market driven by a glut of inventory. At the same time, interest rates have stabilized and jumbo loans are now available at some of the most favorable rates that we have seen in years. Unfortunately, the ongoing credit crunch is hampering any recovery these factors should be generating for the housing market. The FHA loan program is making financing available for an increasing number of folks, but more needs to be done to relax the ongoing stranglehold on credit and help return liquidity to the market.”
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