Ahead of official forecasts by the National Association of Realtors (NAR) and the Commerce Dept., nationalmortgagenews informs MHProNews a survey of economists by Bloomberg reports new and existing home sales rose to a seasonally-adjusted-annual-rate (SAAR) of 5.41 million in April. This marks the highest number since Nov. 2009 when the first-time homebuyers tax credit expired, and third highest since Aug. 2007, right before the recession hit. The economists project sales of previously-owned homes hit 4.98 million SAAR, also the highest since Nov. 2009; and newly-built homes rose to 425,000 SAAR, a three month high. The NAR’s report on previously-owned homes is due out May 22, while the Commerce Dept. will release figures on newly-built homes the following day. The housing market’s rebound is considered the most effective spur to the economy as many other industries lag.
