In another sign of the sluggish economy, existing home sales fell 3.5% in July from the month before, the National Association of Realtors said Thursday.
The average rate on a 30-year mortgage was 4.32% this week, compared with 4.39% last week, Freddie Mac said Thursday.
The battle over what sorts of mortgages will eventually qualify as qualified residential mortgages got bumped up a notch last month when a mid-year Realtors meeting came out strongly against the current proposed definition.
The Mortgage Bankers Association has argued before Congress that the proposed definition of qualified residential mortgages will wind up forcing more borrowers into using government-backed loans.
A new study released by the National Association of Realtors suggested that CUs should consider marketing real estate they might hold on their books to buyers from overseas.
A real estate analytic and forecasting firm is sticking by its predictions for a significantly smaller mortgage and real estate market in 2011 over 2010.
Home sales are rising but they would even more if qualified consumers weren't being shut out of the market, trade group says.
The National Association of Realtors announced this morning that existing home sales fell off in February, sliding 9.6% to a seasonally adjusted annual rate of 4.88 million units in February.
More existing homes changed hands in December, allowing 2010 to end with a run of five of the preceding six months having higher sales of existing structures, according to the National Association of Realtors.
A survey commissioned by the National Association of Realtors has found that the desire to own a home has persisted both among people who already own homes and those who rent their residence.