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Loan Modification

: Mortgage Lender Implode-o-Meter

May pending home sales drop even with low mortgage rates

By Implode-Explode Heavy Industries

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The number of buyers who signed contracts to purchase homes tumbled 30% in May, as low mortgage rates do little to motivate home buyers.

The National Association of Realtors said Thursday its seasonally adjusted index of sales agreements for previously occupied homes fell to 77.6 from 110.9. May's reading was the lowest dating back to 2001.

Full post as published by Mortgage Lender Implode-o-Meter on July 01, 2010 (boomark / email).

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