MyVaRefinance
  • HOME
  • ADVANTAGES OF VA LOAN
  • VA STREAMLINE REFINANCE
  • GET A QUOTE
  • BLOG
  • TESTIMONIALS

News for VA mortgage rates

9/25/2009

0 Comments

 
New home sales increased for the fifth straight month in August, but the 0.7% gain didn’t match the median estimate of +1.6%. The annual pace of sales is now 429,000, 3.4% below the August 2008 rate.

Not only were sales lower than expected, they were also so lopsided that only one of the four areas even experienced growth. Sales in the West jumped 12.1%, but sales fell 16.3% in Northeast and 5.8% in the Midwest,  activity in the South was flat.

There was some good news though: five months of sales increases has caused excess inventory to dwindle. At the current sales place there are just 7.3 months’ worth of supply on the market, compared with 7.6 months’ in July and 12.4 months’ at the beginning of the ear.

“Virtually all of the remaining excess is in completed homes, rather than in homes still under construction,” said analysts from Nomura. They also noted that with raw inventory at 262k units, overhang is at the lowest level in 25 years. 

The cutback has come at a price though . . . literally. The median sales price of new houses sold in in the month dropped to $195,200, a significant decline from the $215,600 price in July. Since its peak, prices have deflated 25.7%. 

Elsewhere in the report, revisions added 1.8% to the sales pace for May and June, but July’s dramatic 9.6% surge was trimmed to 6.5%.

“The recovery road, as is glaringly evident today, is fraught with bumps and potholes,” said Jennifer Lee, economist at BMO. “But, we are still on that road.”
0 Comments



Leave a Reply.

    Archives

    December 2013
    August 2013
    July 2013
    May 2013
    February 2013
    December 2012
    November 2012
    September 2012
    April 2012
    December 2011
    November 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    July 2010
    June 2010
    May 2010
    April 2010
    March 2010
    February 2010
    January 2010
    December 2009
    November 2009
    October 2009
    September 2009
    August 2009
    July 2009
    June 2009
    May 2009

    Categories

    All
    Home Loans
    Irrrl
    Mortgage Rate News
    Refinance
    Va Loan
    Va Loan Rates
    Va Loans
    Va Mortgage Loan
    Va Mortgage Rates
    Vamortgage Rates
    Va Refinance

    RSS Feed