I find this fairly amazing.
The sales report came out as fixed mortgage rates continued to fall.
Sales of previously occupied homes fell 0.8% in April to a seasonally adjusted annual rate of 5.05 million units, the National Association of Realtors said Thursday. That's far below the 6 million homes a year that economists say represents a healthy market.
Purchases made by first-time homebuyers rose 3% to 36%.... Sales have fallen in four of the past five years before hitting a 13-year low last year. Sales are falling even as prices decline. The median sales price in April rose 2.4% from March, to $163,700. But it's still down 5% from the same month one year ago.
Sales of homes at risk of foreclosure fell 3% in April, to 37% of all purchases. Foreclosure sales likely declined only because a large number of those homes are backlogged in the courts. They have been held up by a state and federal probe into troubled foreclosure practices by lenders.
A record 1 million homes were lost to foreclosures last year and foreclosure tracker RealtyTrac expects 1.2 million more will be lost this year. Homes at risk of foreclosures usually sell at 20% discounts compared to their original listing price.
Because of California's over-restrictive regulation of attorney participation in foreclosure defense work, I typically do not get involved in foreclosures until a Chapter 7 or Chapter 13 is needed to block a trustee sale and, hopefully, provide the consumer with a way to keep the house.
Even as times get worse, Mansfield Cheney, PC is here to help if bankruptcy might be the only answer to a foreclosure.