Market Waiting to See Existing Home Sales Figures

Peoples Home Equity comments before Thursday morning existing home sale release by the National Association of Realtors.

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If existing home sales outperform June then the market may be reminded just how well the housing market is recovering.

Chicago, IL (PRWEB) August 21, 2014

Homebuyers and lenders like Peoples Home Equity are waiting to see Thursday mornings existing home sale report from the National Association of Realtors (NAR).

Existing home sales which occur when a mortgage is closed which usually takes place 1-2 months after a sale contract is closed will be announced by the NAR on Thursday morning, August 21st. This announcement could be potentially very re-confirming of the housing recovery if the figures follow the current short term trend. Ever since April existing home sales have increased month-over-month. Tomorrow mornings reading is expected to show 5.02 million homes for July which would be just slightly lower than Junes reading of 5.04 million. Peoples Home Equity is hoping the “National Home Sales Snapshot” that Dqnews.com which showed weekly home sales in July outperforming June will translate into the NAR’s existing home sale numbers for July. If existing home sales outperform June then the market may be reminded just how well the housing market is recovering. If prospective borrowers see how well the market is recovering as the same time that 30-year mortgage rates have declined considerably from last week then individuals may be persuaded to submit their paperwork to apply for a home loan.

Peoples Home Equity has been a strong bull of home sales this year. The lender feels confident that July’s existing home sales may surprise the consensus of 5.02 million. That said, readers should not expect anything extraordinary like announcing 2013’s July reading of 5.39 million. Jas shown in DQnews.com’s National Home Sales Snapshot July Weekly home sales were still lagging over 2.5% relative to 2013. Time will only tell how well the existing home sales faired in July, readers should expect the numbers to influence mortgage rates.

If interested in apply for a mortgage,contact a Peoples Home Equity loan officer today at: 262-563-4026