Sales of Existing Homes Falls to Slowest Pace in 4 Years

The sale of existing homes fell by more than the expected amount in April.  This is in contrast to New Home Sales which jumped 16.2 percent last month.  The biggest one month increase in 9 years.  The National Association of Realtors reported Friday that sales of existing homes fell by 2.6 percent last month to a seasonally adjusted annual rate of 5.99 million units. That was the slowest sales pace since June 2003

The slow down in housing is being blamed on the melt down that occurred in the sub prime mortgage market.  The sub prime loans are now harder to get meaning less potential buyers qualify to buy a home. Keep Reading...