not see what we did FOR U.S. since 4th Q of 08.
IF you look at the sales numbers you KNOW that with the expiration of the New Home Buyer Credit, there will be an "adjustment", down.
This will mean that in the non-sand state - ie, not Cal, Nev, Fla & AZ - the only driver for home sales will be the low interest rate. And, that is true only if the rate remains low.
The FED has made it very clear that their rate will remain low as long as it takes to get the RE market to improve.
However, that low rate is having little to NO effect on home prices and REFI's in the sand states - they are simply too far underwater to refi.
That being true, what we have is the ying and the yang...
Ying = low interest rates going into the Spring buying season.
Yang = more foreclosures and short sales - a lot more.
AND lots of ARM resets
AND lost of sand states walkaway = "strategic defaults".
Was, is and will be VERY interesting.
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Mortgage rates sink to six-week low
National average for a 30-year fixed loan is slips slightly to 5 percent
Rates for 30-year fixed mortgages have fallen to their lowest level in six weeks, Freddie Mac said Thursday.
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Pending home sales rise 5.3 percent in March
Highest level since Oct. and a 21 percent rise from same month a year ago
The number of buyers who signed contracts to purchase homes surged more than expected in March, another sign that government incentives are propelling the housing market this spring.
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