Best Housing Market Since 2007, But There's a Catch

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.  …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed