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Home sales are improving only in a handful of states (and they're declining everywhere else).

Posted by: Prashant Gopal on May 29, 2009

The National Association of Realtors reported May 28 that home purchases rose 0.3% in April (the second increase in the past three months). Is this the latest sign that the housing market might be in recovering? Well, it depends on where you live. First-time buyers and investors are jumping in to take advantage of low prices in California, Florida, Nevada, Arizona, and northern Virginia. But the pace of sales almost everywhere else is slowing.

The Realtors don’t break out monthly data by state, but all the action in the first quarter seemed to be happening in California, Florida, Nevada, and Arizona, which showed a combined 68.4% increase in sales compared to the first quarter 2008. U.S. sales for the nation dropped 6.8% during that period, but if you subtract those four states, the decline would have been more like 19.1%.

Some of the sales declines in the first quarter are startling. Hawaii home purchases fell off 40%. North Carolina was down 37%. And Washington sales fell 35%. Virginia and Minnesota, which both saw first quarter sales increases of about 12%, were the only other states in positive territory.

Reader Comments

The Mad Hedge Fund Trader, San Francisco, CA

May 29, 2009 11:23 PM

That great sucking sound you hear is the air going out of the housing recovery- punctured by the collapse of the bond market and the spike in interest rates. Interest rates on 30 year fixed rate mortgages gapped up from 5.03% to 5.29% in just one day, up from the 4.50% low two months ago. This underlines what a difficult position the government is now in. While all the stimulus spending is great, the need for epic financing is triggering a collapse of the dollar and the bond market. The resulting soaring interest rates are bound to snuff out any recovery. Obama is truly caught between the Scylla and the Charybdis. (non antiquities scholars see Homer’s Ulysses)

robert senecca

June 1, 2009 10:21 AM

I am an attorey in New Jersey handling litigation for banks.

There is no bank in this country that would ever close a loan without a co on new constuction.

Also a big lawsuite against the title policy should have one because the underwriter goofed up their to.

Do you have an attorney ?

If you recinded the loan and the bank did not due it they are in a lot of trouble.

If the bank funds a loan without a co they judge will put you back in the position you were before you boght the house.

The closer lied to you that is fraud by indcucement and common law fraud.

You should do well with this one.



June 2, 2009 2:07 PM

Your spelling is awfull for an attorney !!!

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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