Existing month-to-month home sales increase for first time since September 2005 - Business First of Louisville:

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On Tuesday, the released its monthly reporton existing-home The report showed the first month-to-mont h increase since September 2005. Sales of existing single-familh homes, townhomes, condominiums and co-opse rose to a seasonally adjustefd annual rateof 4.77 million unitss in May, a 2.4 percent increasee from 4.66 million in April, accordiny to NAR. The May 2009 figures are 3.6 percenty lower than a year ago, when the pace was 4.95 million.
In the NAR’s chief economist, Lawrence Yun, said low mortgage lower purchase prices and the federal tax credit for first-time buyers helped spur “However, the increase in sales is less than expectef because poor appraisals are stalling transactions,” Yun said. “Pendinhg home sales indicated much stronger but some contracts are falling throughn from faulty valuations that keep buyerzs from gettinga loan.” While existing home sales mortgage originations are coming in lower than previousl y forecast.
On Monday, the lowered its forecast of mortgag e originations in 2009 by morethan $700 citing lower purchase prices, more cash lower refinancing rates and lowerr volume in the Fannie Mae and Freddie Mac Home Affordablde Refinance Program. The association now expects mortgage originations tototaol $2.03 trillion in 2009. As part of its the MBA studieshome sales. It is forecastingg 4.8 million existing home sale in 2009, a 1.2 percent declinse from 2008, and 352,000 new home sales, a decliner of about 27 percent.
“Median home prices for new and existing homesw will likely continueto fall, dropping by abouft 10 percent from 2008 levels, but levelingh off in 2010 as the economy the association’s chief economist, Jay said in a written statement issued Monday.