Existing Home Sales are up marginally for the April reporting period from 4.59M to 4.65M annualized units sold. These are an increasingly number of bonafide buy/sells and not distressed properties. A report out from Black Knight (not sure who that is) today shows that foreclosure starts have dropped 40% since April 2013. From someone who originates mortgages, this a great step in the right direction. On the side of the coin, yesterday Fannie Mae said that “the housing picture remains worrisome” in its release of the May 2014 Economic and Housing Outlook, citing year-over-year volumes declining with Existing and New Home Sales. They went on to say that they anticipate a “modest uptick” in housing as the spring/summer buying season progresses. Continuing the dour outlook, the Fed expressed concern about the employment prospects of those who continue to be unemployed. These pooh-pooh prognosticators are keeping the demand for mortgages high and interest rates low.
