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July 2009 Sets Record Pace for Existing Home Sales

Existing home sales have been on a tear – setting a new record in July.   Previously-owned single family homes were up 7.2%, compared with June and 5% from July 2008, according to a report released today by the National Association of Realtors (NAR).

This is the largest on-record gain for existing home sales, a figure that NAR has been tracking since 1999. Also for the first time in five years, existing home sales have increased for four months in a row.

According to Lawrence Yun, NAR chief economist, “The housing market has decisively turned for the better.  A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales.”

New Home Loan or Mortgage Refinance:   Rates Down This Week!

If you’re considering your first home, time is running out for you to take the 2009 first-time home buyer $8,000 tax credit.  And with housing prices continuing to be depressed, now may be the perfect time as mortgage rates have recently dropped.  The credit is due to expire December 1st (you must close on a deal before this date).

According to ShopRate.com average mortgage rates as of today, August 21, 2009 have fallen to 4.94% (from 5.21% last week), now may be the perfect time to lock in a low rate before rates climb back up.  So whether you’re considering a new home loan or a refinance, historically, rates don’t get much better than this!

Low Prices on Homes

And it should be no surprise that many people are jumping back into the market.  Those who have been sitting on the sidelines may finally be making their move as according to CNN prices have fallen more than 32% from their peaks in the summer of 2006.  All of this has an impact on the total cost of home ownership as not only principal and interest are lower, but ongoing costs such as closing fees and property taxes are set lower.

According to Yun, “In some recovering markets like San Diego, Las Vegas, Phoenix and Orlando, the demand for foreclosed and lower priced homes has spiked and a lack of inventory is becoming a common complaint.”

So if you are in the market to refinance or get a new home loan, now may be the time since this combination of record low rates and low home prices won’t last forever.   These can save you thousands over the course of your loan.  Act now to find a lender and get free expert advice in your area!

Source:  National Association of Realtors, CNN.com


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