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Tagged : housing demand

Found 2 blog entries tagged as "housing demand". - Home sales continued to climb in April, according to the latest reading on the housing recovery from an industry trade group.

The National Association of Realtors reported home sales edged up 0.6% to an annual pace of just under 5 million homes. Compared to a year ago, the pace of sales was up nearly 10%.

The pace of sales would have exceeded that level were it not for tight credit and insufficient houses for sale to meet rising demand, the group said.

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Mortgage loan rates are touching new 60-year lows, but many consumers won't be able to take advantage of them.

The lower rates will likely spur some homeowners to refinance, economists say. But mortgage standards remain so tight that many people won't qualify for a loan if they want to buy a house.

Disappointing economic growth helped drive fixed 30-year mortgages down to an average of 3.84% this week, says mortgage giant Freddie Mac. That bested the previous record low of 3.87% in February.

Low rates are traditionally good for housing demand, but this time may be different. Rates are dropping on signs of slowing economic growth, which isn't good for consumer confidence or housing demand.

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