| A Homebuyers Service From CLHLLC |
BACK BUTTON RESCUE 2008 BACK BUTTON
IMPROVED AFFORDABILITY
FOR HOME BUYERS
Lower mortgage rates and lower home prices have significantly improved affordability for buyers.
Lawrence Yun, NAR Chief Economist Sept 24, 2008
Existing Home Sales
- Sales dropped modestly in August but have been essentially stable at around 5 million for the past 12 months.
- More analysis in this commentary.
Mortgage Applications
- Mortgage applications retreated in the past week after having surged in the prior three weeks. The four-week moving average is comfortably above a month ago levels.
- The takeover of Fannie and Freddie by the government has brought down mortgage rates.
What does today's data mean for REALTORS® and consumers?
- Sales have been stable for the past 12 months and this trend will continue for additional 2 or 3 months.
- Lower mortgage rates and lower home prices have significantly improved affordability for buyers.
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