The Real Estate Pulse

Sales of new homes dipped to a level in March that has not been seen since 1991 and the inventory of homes for sale has hit a three-decade high…

Single-family home sales dipped 8.5% last month – the lowest level since October 1991. Economists had only expected a dip of about 1.9%.

Sales of pre-owned homes also fell 2% in March…

More bad news for March: the median price for a new home fell 13.3% to $227,000.

Spring is usually a month when real estate sales start to pick and begin to hit robust levels but this Spring has been anything but for the troubled real estate market…

Real estate sales have indeed slowed down and are slower then ever before for this time of the year but people are buying and in what seems to be increasing numbers.

With real estate plummeting why are people buying?

Mortgage rates are at an all time low at 5.88% for a 30 year fixed-rate loan and those that can withstand some short-term equity loss in a home that they plan on staying in for a while are jumping back into the real estate market and they’re not just looking.

It may in fact be a good time to buy for those in that position as there are plenty of good values out there with so many foreclosures on the market and with more and more sellers willing to negotiate.

With Real Estate prices continuing to drop more and more homeowners are receiving similar letters from their respective Home Equity Line of Credit Lenders…

That letter basicaly saying that since the equity in their real estate isn’t what it used to be… their line of credit isn’t what it used to be either!

Most borrowers are seeing their home equity lines of credit being dramatically cut or suspended all together.

I guess  it’s better then losing yur real estate through foreclosure however…