Home Sales in U.S. Poised to Surge With Spring: Mortgages – Bloomberg 03-30-14

Salient to Investors:

Dean Maki at Barclays said the housing’s spring selling season is getting a late start in 2014 because of bad weather but the next few months will make up for it.

The number of contracts signed with the intention of purchasing properties fell in February to the lowest since 2011 while applications for mortgages to purchase homes fell to the lowest since 1995

Fannie Mae said this year’s average 30-yr fixed mortgage rate will average 4.6% by the end of 2014.

Michael Hanson at Bank of America said we won’t see a normal real estate market until first-time buyers – those most affected when lenders tighten standards – are included. Hanson said housing, like the rest of the economy, is gradually recovering and expects the Spring market come to life in the next few months. 

Read the full article at http://www.bloomberg.com/news/2014-03-31/home-sales-in-u-s-poised-to-surge-with-spring-mortgages.html

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