House sales down with great nj mortgage rates
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Sales of new homes fell unexpectedly to the lowest level on record in February. Stormy winter weather and high unemployed have been keep buyers on the sideline. This was the fourth month of decline and the worst on records since 1963. This is very disappointing factoring in we have historic low nj mortgage rates.
Resale sales also fell to the lowest level in eight months raising doubts about the housing market recovering. Resale home now have dropped for the third consecutive month. The extension of the tax credit and expansion to repeat buyers, have not yet stimulated the troubled housing market.
It is expected that another three million foreclosures will be entering the inventory in 2010. This will bring more pressure to the nine month inventory.
The north east saw a twenty percent decrease in new home sales. The main factor was the extremely large snow falls and very poor weather conditions.
On a good note nj mortgage rates are still holding steady. A + borrowers with good loan to values can still borrower thirty year mortgages in the 4.875 to 5.125 % range.