Existing Home Sales Hit 5 Month High

The National Association of Realtors announced recently that Existing Home Sales, after falling to 10-year low in June, rebounded in July to a 5-month high. The report, which measures the month-over-month sale of previously owned homes, indicated sales of such homes increased 3.1 percent.

Bob Walters, Chief Economist for Quicken Loans, says “Declining home prices have created increased demand for housing, which could help stabilize the housing market. Securing financing in this restrictive credit environment remains a key challenge, however. Fortunately, FHA loans – with less stringent equity and credit requirements – have come into the forefront and are likely to play a leading role in helping the housing market recover.”

What do you think? Is the housing market recovering? Have we hit bottom? Are we "on the way back up"? Tell us what you think by clicking on the "comment" link below and sounding off. As always, your email address will never be published here to protect you from spam or other unwanted email.