Employment, Consumer Confidence Continue To Drive Housing

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The National Association of Realtors reported today that in October, existing homes sales for both single-family and condos declined moderately.Single-family, townhomes, condominiums and co-ops, which represent "total existing home sales," were down 2.7% to a seasonally adjusted annual rate of 7.09 million units. September's total existing home sales rate was 7.29 million units. Overall housing remains strong in comparison to the previous year, with sales for October 2005 coming in 3.7% above the October 2004 level of 6.84 million units."The accelerated trend in existing home sales that began in 2002 remains intact despite fluctuations in interest rates," says Bob Walters, Chief Economist of Quicken Loans, the nation's largest online mortgage lender. "Overall interest rates have been favorable toward housing for several years, and a positive employment outlook coupled with strong consumer sentiment continues to drive the industry's robust performance."  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 2924 2005-11-28 15:38:40

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