Inventories nationwide were down 11% to 3.6 million and supply dropped from 9.3 months to 8.5 months.

Even though sales did not meet the expected number, it was the second highest monthly total in the past 23 months.

Housing has been the epicenter of the recent financial mess and any missteps during the recovery could have a severe impact on the market.

Interest rates have continued to be under 5% for the 30 year fixed.  Today’s rate is currently at 4.875%.

Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.