Posted To: Mortgage Rate Watch

Several new reports confirm the housing market is soaring right now, but the headlines don’t tell the whole story. On Friday, the National Association of Realtors (NAR) reported July’s existing home sales came in at an annual pace of 5.86 million homes. This crushed forecasts calling for 5.38 million, and demolished last month’s reading of 4.70 million. To top it all off, we haven’t seen a higher number since 2007! Great news, right? Actually, yes , this is great news. The home sales market is doing every bit as well as anyone could hope for given the circumstances. But visual takeaway on the chart is misleading . Our eyes might see the blue line at the highest levels since 2007 and conclude the housing market is as strong as it’s been since then. In a way, it is. July’s home sales were indeed…(read more)

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Source: Mortgage News Daily