May Home Sales Tumble
The end of the homebuyer tax credit incentive program contributed to an unexpectedly deep decline in May home sales. The Commerce Department’s May home sales report showed that only 300,000 homes were sold in the month. It was the first monthly decline in three months.
Additionally, April sales were revised to 446,000 units and March sales were trimmed to 389,000 units. To qualify for the Federal tax credit, first time homebuyers and qualified existing homebuyers had to enter into a purchase contract prior to April 30, 2010.
Analysts had expected May sales to be in the 400,000 range. When the Commerce Department’s report was released on June 23rd, U.S. equity markets fell sharply. The S&P homebuilders ETF fell 1.6 percent. The news preceded the Federal Reserve’s announcement that lending rates would remain near zero through 2011.
The median selling price of a home in May fell one percent below April selling prices. Prices have fallen 9.6 percent in the 12 months prior to May.
The absence of the tax credit will cause many first-time buyers to be creative. However, buyers that have saved and are able to generate the required cash for down payments are in a position to be aggressive and make great acquisitions.
The impact on the low-end housing market may be the most severe, but qualified buyers are in position to realize significant savings in the middle to high-end purchases.
The Mortgage Bankers Association (MBA) announced that its seasonally adjusted index of mortgage applications decreased 5.9 percent. The index includes both purchase and refinance applications.
The MBA’s purchase index fell for the sixth time in seven weeks. The 1.2 percent drop left the index near the 13-year low. The foreclosure rate continues to stay at unprecedented levels. With 9.7 percent unemployment, the housing market will remain a buyer’s market for years to come.
In addition to the slumping new mortgage application rate, the MBA reported that applications for refinancing had fallen 7.3 percent. A new trend to simply walk away from the mortgage obligation is leaving lenders with large inventories of REO’s. Buyers who are positioned properly stand to make significant profits in the REO marketplace.
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