Existing month-to-month home sales increase for first time since September 2005 - Orlando Business Journal:

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On Tuesday, the released its monthly reporon existing-home sales. The report showed the first month-to-month increase since September 2005. Salex of existing single-family homes, condominiums and co-ops rose to a seasonally adjusted annuao rateof 4.77 million units in May, a 2.4 percenyt increase from 4.66 million in April, accordinfg to NAR. The May 2009 figures are 3.6 percentr lower than a year ago, when the pace was 4.95 In the announcement, NAR’s chief economist, Lawrencre Yun, said low mortgage lower purchase prices and the federak tax creditfor first-time buyeres helped spur sales.
the increase in sales is less than expectex because poor appraisals arestalling transactions,” Yun said. “Pendinhg home sales indicated much stronger but some contracts are falling through from faulty valuations that keep buyers from gettina loan.” While existing home salex increased, mortgage originations are coming in lower than previously forecast. On the lowered its forecast of mortgage originations in 2009 by morethan $700 citing lower purchase more cash purchases, lower refinancing ratexs and lower volume in the Fannie Mae and Freddie Mac Home Affordable Refinance Program. The association now expects mortgag originations tototal $2.03 trillion in 2009.
As part of its the MBA studieshome sales. It is forecastinvg 4.8 million existing home sales in a 1.2 percent decline from 2008, and 352,00 0 new home sales, a decline of about 27 “Median home prices for new and existing homeds will likely continue to fall, dropping by aboutf 10 percent from 2008 levels, but leveling off in 2010 as the economu improves,” the association’s chief economist, Jay Brinkmann, said in a writtem statement issued Monday.