Existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 2.9 percent to a seasonally adjusted annual rate of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September.
Existing-home sales in the Midwest rose 2.5 percent in February to a level of 1.24 million but are 19.5 percent below a year ago. The median price in the Midwest was $143,900, which is 7.1 percent lower than February 2007.
Final Thought: The problem with waiting for the bottom is: you don't know you're there until it's gone past, and prices and rates start to rise, and you missed out! This market is all about opportunity, quality homes and great rates!
Product Rate APR
3/1ARM *5.375% *5.453%
5/1 ARM *5.625% *5.703%
30 Yr. Fix. *5.875% *5.953%
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount