Plenty of Positive Housing Market News Today

New-Home Sales Surge in Northeast
Sales of new homes were up 3.3 percent in April, the first increase in six months, according to the U.S. Commerce Department’s monthly report.The rebound reflected a 41.7 percent surge in demand in the Northeast. Sales were up 8.3 percent in the West and 5.8 percent in the Midwest. They fell by 2.4 percent in the South.The inventory of unsold new homes was down slightly to 10.6 months’ supply at the April sales pace, compared with 11.1 months in March.The increase brought sales to a seasonally adjusted annual rate of 526,000.The median price of new homes sold in April fell to $246,100, down 4.2 percent compared with April 2007.
Source: The Associated Press, Martin Crutsinger (05/27/2008)

Plenty of Positive Market News Today
Hungry for a little good real estate news? Leon d’Ancona, president of IMS Inc., has something to cheer you up.D’Ancona, who provides real estate information to the industry, has set up a Web site that lists 2,319 markets in the United States where homes are selling well. For instance, Loganville, Ga., homes sold 38.5 percent faster in April than they did in March, and sales of homes in Avondale, Ariz., increased by 64 percent in April compared with March"The problem with glass-is-half-empty stories is that they have an undue psychological impact on markets that is not borne out by all the facts," says d’Ancona. "We know, because it's our business to know, that there are hundreds of cities and thousands of neighborhoods in the United States right now where the market is very healthy, thank you.”
Source: IMS Inc. (05/27/2008)

Purchase Mortgage Applications Rise
Mortgage applications fell 4.6 percent last week on a seasonally adjusted basis to 593.3 from 621.6 the previous week, the Mortgage Bankers Association says. On an unadjusted basis, the index also declined 4.6 percent compared with the previous week and was down 7.5 percent compared with the same week last year. The decline was driven by an 8.9 percent decline in refinance applications, whose share decreased to 46.1 percent from 48.2 percent the previous week. **Purchases actually increased 9.1 percent.
Mortgage rates were up marginally:
30-year fixed-rate mortgages increased to 5.96 percent from 5.90 percent
15-year fixed-rate mortgages increased to 5.49 percent from 5.42 percent
1-year ARMs increased to 6.92 percent from 6.71 percent
Source: Mortgage Bankers Association (05/28/2008)