April Existing Home Sales Rise By 2.9 Percent

Buyers are taking advantage of the steep drop in price. Buyers made out great when they were brave enough to looking in the housing market. Biding wars have started over low priced distressed and foreclosed properties. The National Association of Realtors said Wednesday that home sales rose 2.9 percent to an annual rate of 4.68 million in April from a downwardly revised pace of 4.55 million in March. Foreclosure sales made up to 45% of all home sales in April. Jumbo loans, loans above $730,000,made up only 5 percent of the mortgage market in the first quarter of this year, down from 17 percent two years ago, according to trade publication Inside Mortgage Finance. Rates for 30-year jumbo loans are averaging around 6.3 percent, compared with around 5 percent for non-jumbo loans, according to data publisher HSH Associates.