Sales of previously owned U.S. homes unexpectedly declined in June to a seven month low as the industry struggled to overcome rising unemployment and foreclosures. According to the National Association of Realtors, purchases dropped 0.8% to a 4.77 million pace, inventories increased, and more contracts were canceled, while 30% of transactions last month were of distressed dwellings.
Mortgage applications for the week ending July 15 climbed 15.5%, led higher by applications for refinance which were up 23.1%.
Tuesday was all about the U.S. debt ceiling stalemate and a “last minute” deficit reduction proposal by a bi-partisan group of Senators that seemed to meet approval of the President. Stocks soared on the news with the DOW higher by 200 points and bonds rallied after beginning the day lower. This morning, however, this is all old news. Even The stellar earnings report from Apple is not enough to keep stocks in positive territory. The same can be said of bonds as we see yields rising, moving mortgage prices lower by .125% to .25%.
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