Mortgage news

News, trends and analysis of the mortgage and credit market

Monday, August 27, 2007

Consumer Spending Gains, Home Sales Fall

August 26 2007
Consumer spending in the U.S. picked up in July while mortgage sales fell, a sign income gains are sustaining demand even as the housing recession deepens, economists said before reports this week. The forecast decline in sales of previously owned homes would be the fifth straight drop reported by the National Association of Realtors. Higher borrowing costs and stricter lending standards are making it more difficult to qualify for loans, causing a rise in the number of unsold homes and pulling prices lower.


See Today's Mortgage Rates

Email this article to a friend | Send us a comment


Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home