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Existing Home Sales Take a Plunge


‘Tis the season to start worrying… about the housing market.

According to realtor.com, sales of existing homes dropped in October by 5.1% compared to a year earlier, despite edging up by 1.4% from the previous month.

The main culprit for the decline is higher mortgage interest rates.The rate for a 30-year fixed rate mortgage averaged 4.81% last week,up significantly from a year ago, when they averaged 3.92%.

The rate change, combined with a bear market on Wall Street is causing a lot of uncertainty.

“The level of volatility in the stock market is reflecting a lot of uncertainty about where we are with the broader economy. There is a little bit of increased anxiety about how much things are going to slow,” says Mike Fratantoni, chief economist at the Mortgage Bankers Association.

Looks like sluggish home sales will continue past the new year.

Read on HERE:

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

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