By Carrie Bay | 08/30/2010
After a worse than expected falloff in home sales during the month of July, buzz about a possible revival of the federal homebuyer tax credit has begun to surface.
Sales of previously owned homes plummeted 27 percent last month, hitting their lowest mark in 15 years. New home sales also took a dive, dropping nearly 13 percent. HUD Secretary Shaun Donovan says the July numbers were worse than was expected and are cause for concern, and he's not ruling out a return of the tax credit incentives.
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By Carrie Bay | 08/24/2010
Sales of previously owned homes in the United States plummeted 27.2 percent in July compared to the previous month, according to data released Tuesday by the National Association of Realtors (NAR).
The market was bracing for a noticeable falloff as payback for the tax credits that pulled sales forward into the spring months, but the reality was worse than projected - nearly double the decline analysts were expecting. The July plunge pushed existing-home sales down to an annual rate of 3.83 million units, their lowest level since May of 1995.
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By Carrie Bay | 08/11/2010
Mortgage interest rates have been hovering at their lowest levels in decades, but that's done little to sway consumers to buy a home or refinance their mortgage to take advantage of the interest savings. The economists at Freddie Mac point to several reasons for the "missing" originations, which they trace back to deteriorating home values. Many borrowers' home equity is so badly eroded that they don't qualify for a refinance, and potential buyers remain nervous about investing in a home absent big incentives.
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By Joy Leopold | 08/04/2010
Tom Glatt, president and CEO of Realtors Federal Credit Union, recently announced that he will be leaving his post effective August 1. Glatt, who has held the titles of president and CEO since December 2008, will be replaced by Jane Pannier, the credit union's EVP and general counsel.
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By Brittany Dunn | 08/03/2010
After tumbling 30 percent in May in the wake of the expiration of the homebuyer tax credit, pending home sales continued to edge down in June, hitting the lowest level recorded in more than a year, the National Association of Realtors (NAR) reported Tuesday.
NAR's pending sales index is a forward-looking indicator based on contracts signed during the month. It declined 2.6 percent from May to June, and is 18.6 percent below year-ago levels. The trade group says the weak numbers imply closing activity will languish at least through August.
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