Sales of existing homes unexpectedly rose in May, increasing 1.1% to a seasonally adjusted annual rate of 5.55 million units, while the median house price rose to an all-time high of $252,500, a 5.8% jump from a year ago. Analysts say the inventory shortage of houses will continue to put upward pressure on house prices, though the 16-year low in the unemployment rate and low mortgage rates will keep housing in play.
Stocks are flat, with the Down currently down 6 to 21,460; bond prices are holding the small negatives of the open.
Chris Carter, your source and home of the 95% LTV CP, Construction Permanent Loan Program.
Chris Carter | Residential Lending
1301 Metropolitan Blvd | Tallahassee, FL 32308
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