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In the News 
| Home Sales at Second Highest Level Since 2008Low interest rates and lower unemployment pushed April sales of new homes to the second-highest level in nearly five years.Purchases rose 2.3 percent to an annualized rate of 454,000 homes, marking the second highest pace since July 2008, said the Commerce Department. In addition, the median selling price rose 14.9 percent from a year ago to $271,600.The rise in home prices is positive news for homeowners and the market overall, as the number of underwater borrowers declines. With higher prices, owners are more likely to sell their properties and buy new homes.Mortgage Rates Rise for Third WeekAverage rates of 30-year fixed mortgages rose for the third consecutive week last Thursday to 3.59 percent.The average 15-year loan rose to 2.77 percent from 2.69 percent the week before. Despite the increase last week, interest rates remain at historic lows, prompting many Americans to refinance or purchase new homes.Foreclosures Fall Nearly 25 PercentThe number of Americans in foreclosure on their homes dropped nearly 25 percent in the past year.Foreclosure inventory fell to 3.17 percent in April, compared to 24.55 percent one year ago. In addition, the delinquency rate for loans 30 days or more past due hit below 6.5 percent for the first time in nearly five years. |
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