Despite Rises In Short-Term Rates, Housing Remains Strong

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Sales of existing U.S. homes were unchanged in September, performing at a 7.28 million unit pace. According to the National Association of Realtors (NAR), strong post-Katrina sales in the South helped offset weaker activity elsewhere. August had a downwardly revised pace of 7.28 million homes."Long-term rates, which have risen slightly, are still within range of four-decade lows and housing remains affordable. Job formation also is contributing to the strong consumer demand for housing. As long as these two factors continue, the housing market should remain robust," says Quicken Loans Chief Economist Bob Walters. "Housing is coming off the second highest month on record in August. The economy continues to be a major benefactor of housing's resilience despite the pressures put on it by steadily rising short-term rates, a series of extreme weather and high fuel costs."  Mortgage News Home Current Headlines Next Article  Refinancing | Home Loans | Home Equity Loans | My Quicken Loans Login Mortgage News | Mortgage Rates | Mortgage Calculators | Apply Online Careers | Contact Us | Feedback | Site Map | Help | Search Security and Privacy | Disclosures and Licenses | Terms of Use © 2000 - 2005 Quicken Loans Inc., All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Build 2760 2005-10-28 17:25:13

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