Drop In Home Sales a National Trend
Last week, the Associated Press ran the following article — Pending Home Sales Fall 7.6 Percent in January. The article noted that home sales in January showed a drastic drop caused mainly by . . . snow! They also noted that the tax credit, due to expire in the next few months, doesn’t have as strong an effect as it did last year, something I am reluctant to agree or disagree with.
The article also noted that the Federal Reserve will stop buying mortgage backed securities [MBS] at the end of the month. The Fed’s program has been one of the main factors in keeping interest rates low, so many analysts expect mortgage rates to rise in April.
Still, it’s good to see my own analyst hat fits well enough.
