Housing Strong as Refinance Options Abound

The National Association of Realtors reported today that existing homes sales for both single-family and condos declined in November.

Single-family, townhomes, condominiums and co-ops, which represent “total existing home sales,” were down 1.7 percent to a seasonally adjusted annual rate of 6.97 million units. Overall, housing also declined slightly in comparison to the previous year - with sales for November 2005 coming in 0.1 percent below the November 2004 level of 6.84 million units.

Nevertheless, Bill Emerson, CEO, of Quicken Loans, remained optimistic about the 2006 market.

“Despite this modest decline, housing is still strong,” said Emerson. “Home buyers and homeowners still have an advantage when looking to buy a home, sell a home or refinance. While 2006 won’t break 2005 records, home sales activity will remain strong as interest rates remain low and the employment picture remains stable.”