More eveidence that the housing market is going back to normal

First time home buyers make sales jump

Lawrence Yun, NAR chief economist, says May home sales rebounded strongly following April’s decline and are now at their highest pace since the 5.44 million rate in November 2009.  “Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers,” he said. “However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated – even with higher mortgage rates above 4 percent.

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Foreclosures up again

Completed foreclosure or REOS-

drove foreclosure activity in May to a 19 month high.  The total was up 1 percent from April and 16 percent from April 2014.

RealtyTrac said it was the third month in a row that REOs increased on an annual basis and scheduled auctions have increased year-over-year for four of the last eight months.  May REOs were 56 percent below the peak of 102,134 REOs in September 2013 but still nearly twice the average monthly number of 23,119 in 2005 and 2006 before the housing bubble burst in August 2006.

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