www.lasvegasmtg.comReport: HUD Secretary Shaun Donovan is worried on the decline in July housing numbers during an interview on CNN today. Shaun Donovan stated on the State of the Union interview " the July housing numbers were worse then expected, and we are concerned." Shaun Donovan stated " The Administration will be taking immediate action to move forward."
The Administration will implement two new FHA (Federal Housing Authority) refinance programs to help struggling home owners to pay their mortgage and to help the unemployed home owners stay in their homes. With a firm commitment from Shaun Donovan " We are going to continue to make sure folks will have access to home ownership."
With National Association of Realtors July 25th report showed a larger then expected decline in July of 27% decline of existing home sales. Economist's had predicted a 12% decline and the new data shows that the housing market is fragile. How much of the decline was due to the first time home buyers $8,000.00 tax credit being eliminated in April 30th 2010 is hard to quantify. If the tax credit was responsible for the 9 month increase in existing housing sales was it pushing people to buy their home earlier to collect the credit then what they would have without the credit?
Will the Administration re-institute the tax Credit is something Shaun Donovan has not ruled out, but in this Election year it will be difficult if not impossible to do.
Existing Single Family Home Sales Courtesy of NAR
|Seasonally Adjusted Annual Rate|
|vs. last month:||-27.1%||-28.8%||-34.2%||-22.9%||-25.5%|
|vs. last year:||-25.6%||-28.8%||-33.6%||-20.7%||-23.3%|