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Richard Airey

Daily Mortgage Market Update 7-22-2013

Monday, July 22, 2013 - Article by: Richard Airey - First Financial Mortgage - Message

The National Association of Realtors reported today that Existing Home Sales fell 1.2% in June from May to 5.08 million units on an annualized basis. Inventories rose to 5.2 months supply from 5 months in June while the national median price was $214,000, up 12.5% from June of 2012.McDonald's, the world's largest fast-food chain, reported today that sales in 2013 will be challenging due to weak economies around the globe. Revenues for the recent quarter were just below the $7.09 billion at $7.08 billion.In its second half forecast for 2013, Fannie Mae reports that the housing recovery is expected to continue with improvement in both consumer confidence and the labor markets. In addition, despite the recent rise in mortgage rates, home sales have held up and home prices will continue to post gains.

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