Is There Hope for the Housing Market?

Friday, May 28, 2010

Home sales beat expectations in April, in part due to a now-expired homebuyer tax credit and low mortgage rates. Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, according to a report out this week by the National Association of Realtors. And mortgage rates have dropped to their lowest point so far this year, according to loan giant Freddie Mac. So is the housing market finally recovering?

And what does this mean for people looking to buy or sell a house? Charles Herman, The Takeaway and WNYC's economics editor offers perspective and insight.


Charlie Herman

Produced by:

Karin Kamp

Comments [1]

After 15 years paying the mortgage in Detroit, I can justify it no more. My once full block is 50% vacant, I owe $41K and the mortgage company just appraised the house for $9K. I have had it on the market for 2 weeks for $9,000 and haven't even had an inquiry. Our only hope in this market, with its dismal future, is to wait 90 days and hope the mortgage company will take deed in lieu. Dave Bing doesn't know what to do about Detroit, but I do. Leave, no matter what the cost. In this case, about $41K.

May. 28 2010 09:45 AM

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