Aug. 24 (Bloomberg.com) -- Sales of existing houses plunged by a record 27 percent in July as the effects of a government tax credit waned, showing a lack of jobs threatens to undermine the U.S. economic recovery. Stocks tumbled and Treasury securities rallied, sending yields on 10-year notes to the lowest in 17 months, on concern the industry at the heart of the financial crisis will lead the nation back into a recession. Recent reports on jobless claims and manufacturing point to a slowdown in growth that may prompt the Federal Reserve to consider additional moves to boost the economy.
The Standard & Poor’s 500 Index fell 1.2 percent to 1,054.54 at 1:10 p.m. p.m. in New York. The yield on the benchmark 10-year Treasury note dropped to 2.51 percent and those on two-year notes touched a record-low 0.4542 percent.
What Does This Mean To You?
Mortgage rates will stay low and could possibly drop even more. Is it the right time to buy? YES, there has not been a better time to purchase a home, mortgage rates are at a 40 plus year low and home prices have stabilized to the point that there are deals everywhere. GO BUY A HOME!
Have any questions, feel free to email me anytime. Bill@billnickerson.com
Bill Nickerson
179 Great Road, Acton MA 01720
978.264.4803 (o) 978.273.3227 (c)
Providing Mortgages Since 1991
Commercial Residential Reverse FHA/VA
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