Home Sales Jump in July
Home sales
The National Association of Realtors reported today that sales of previously owned homes in July rose at the fastest pace in nearly two years.
Existing homes sales jumped 7.2% to an annual rate of 5.24 million units, the highest since August 2007, outpacing market expectations for a 5 million unit pace.
Home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires this fall.
First-time buyers get a credit of 10 percent of the purchase price of a home, up to $8,000. Singles must earn less than $75,000, and couples less than $150,000. The real estate industry is lobbying to have the credit extended, but its unclear if Congress will be swayed.
Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year.
“The existing home sales data surprised a lot of investors, and investors are definitely in the buying mood,” said Alan Lancz, president of Alan B. Lancz & Associates in Toledo, Ohio. “Home prices are getting to a level that attracts bargain buyers and that’s a big positive. A floor has been established.”
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Negative equity is a big deal no doubt but I believe that job loss is what will really create a wave of foreclosures this year.
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Homes will always be unaffordable to the average person in high priced CA as long as government subsidize home owners in the form of mortgage tax deductions, and Fannie Mae bailouts.
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Buying a home is a long term deal. I bought 10 years ago, value has doubled (a couple of years ago I could say tripled), and in 5 years house will be paid off. No more mortgage! Try that with a rental! Time to buy houses!
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