Second straight monthly gain in pending home sales -- up nearly 11 percent in the Northeast, 15 percent in the Midwest, and 4.4 percent in the Southern states. Only the Western region saw a decline at 13.5 percent.
The ability of consumers to buy a house, as measured by the National Association of Realtors' Affordability Index, hit a record new high last month thanks to declining home prices and record-low mortgage rates.
Mortgage rates continued to drop last week -- even from the record lows the week before, according to the Mortgage Bankers Association. Thirty year rates now average just 4.6 percent and 15-year fixed loans average 4.45 percent with about a point.
Consumer spending registered a small increase, up by seven tenths of a percent in the last month. Personal income was up slightly as well.
Both the major indexes that measure consumer confidence, which is a key driver of home buying, were up slightly in the last month. The University of Michigan's survey and the Conference Board's index both registered small gains.
Tuesday, April 7, 2009
More Good Housing News!
Labels:
buyer,
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Michael K. Markus,
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