Tax Credit Fuels Surge in April Home Sales

7.6% jump in resales is best showing in 5 months
Source: Associated Press

Homebuyers rushed to take advantage of government incentives and low mortgage rates in April, giving the housing market its biggest boost in five months.

But now that a homebuyer tax credit has expired, any improvement will depend mainly on the lure of historically low mortgage rates.

Some economists say that won't be enough. "Although mortgage rates have fallen sharply, the combination of high unemployment, heavy indebtedness and tight credit suggest to us that demand will stumble," said Paul Dales, an economist at Capital Economics.

Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said Monday.

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Mortgage Rates Fall to Lowest Level of The Year

National average for a 30-year fixed loan is slips slightly to 4.84 percent

Source: Associated Press

Mortgage rates fell to the lowest level of the year this week, as rates fell on U.S. government securities. Fixed mortgage rates tend to be influenced by movements in the yield of 10-year Treasury notes.

The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent this week from 4.93 percent a week earlier, Freddie Mac said Thursday. It was the lowest level since mid-December, when rates averaged 4.81 percent.

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Top 25 Largest Brokerages in the U.S

Most of biggest brokers see sales volume drop in '09
Inman News, Tuesday, May 18, 2010.

ZipRealty completed 34.6% more transaction sides in 2009 than in 2008, bumping it up to the fifth-largest brokerage ranked by real estate publishing and communications company Real Trends. ZipRealty had previously ranked ninth in transaction sides.

ZipRealty completed 23,100 sides in 2009 compared with 17,156 in 2008. ZipRealty also rose in the rankings for closed sales volume -- to seventh in 2009 from 10th in 2008 -- with the highest growth rate in that category. ZipRealty's closed sales volume rose to $5.3 billion in 2009 from $4.6 billion in 2008, a 14.1 percent gain, according to the report

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Fannie Mae Seeks $8.4 Billion More in Aid

Mortgage giant reports Q1 loss of more than $13 billion
Source: Associated Press

Fannie Mae has again asked taxpayers for more money — this time $8.4 billion — after reporting another steep loss for the first quarter. The taxpayer bill for rescuing Fannie and its sibling Freddie Mac has grown to $145 billion — and the final tally could be much higher.

The rescue of Fannie and Freddie is turning out to be one of the most expensive aftereffects of the financial meltdown, and Fannie Mae's first-quarter financial report on Monday made clear that there is no end in sight.

"The losses are not going to stop" soon, said Anthony Sanders, a finance professor at George Mason University, who warns that the housing market is likely to turn sharply downward again later this year.

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U.S. Economy Added 290,000 Jobs in April

Jobless rate rises to 9.9 percent as size of labor force increased
Source: Reuters

U.S. employment grew at the fastest pace in four years in April as private sector businesses ramped up hiring, showing the labor market recovery gaining steam.

President Barack Obama called the news "very encouraging."

Employers added 290,000 jobs in April, the Labor Department said Friday, far more than analysts had expected. The department also revised figures for February and March to show 121,000 more jobs were added than previously estimated.

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Zip Realty Sells it 500th Home in New York

TOP BROKERAGE DOING BUSINESS IN NEW YORK FOR 26 MONTHS

Pending Home Sales Rise 5.3% in March

Highest level since Oct. and a 21 percent rise from same month a year ago

Source: Associated Press

The number of buyers who signed contracts to purchase homes surged more than expected in March, another sign that government incentives are propelling the housing market this spring.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements for previously occupied homes rose 5.3 percent from a month earlier to a reading of 102.9.

It was the highest level since October and a 21 percent increase from the same month a year earlier. February's reading was revised upward slightly to 97.7. Economists surveyed by Thomson Reuters had expected the index would rise 4 percent to 101.5

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