Home Sales Are Up, Interest Rates Are Down

Sounds like an economic recovery, doesn't it? Today the breaking news from NAR is that existing home sales in April rose 7.6% from March. That is homes that closed, not just that went pending, and included single family homes, townhouses, and condos. Due to the economic crisis in Greece and the instability of the national and international markets, interest rates also have fallen. Against all predictions of economists, Realtors, and mortgage brokers rates fell to well under 5%. This creates a perfect storm for the real estate market- the rates are low, inventory is still moderate to high, and sellers know that it's now or never if they want to unload their property. To read the articles from NAR, click here.