Mortgage rates rose last week, but only slightly. Rate are still hovering near their lowest levels of all-time.

Mortgage rates rose last week, but only slightly. Rate are still hovering near their lowest levels of all-time.

Consistent with most post-home buyer tax credit housing news, Existing Home Sales eased lower last month. The 5 percent drop in sales was expected, but a closer look at the month’s data reveals some interesting trends.

The press is referring to the May New Home Sales report as “poor”. A closer look, however, shows that may not be the case.

The press is calling the May 2010 drop in Existing Home Sales “unexpected” and disappointing, but a deeper look at the data shows the news isn’t as bad as it first appears.

April marks the third straight month that pending home sales are up and today’s buyers should take note. This is because, according to the National Association of Realtors®, 80% of homes under contract close within 60 days.

At the current sales pace, the nation’s complete supply of new homes would be sold in just 5 month’s time. That’s more than double the pace of a year ago.

According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did the supply of existing homes for sale, too. Sellers are now listing homes faster than buyers can buy them.

Existing Home Sales rose in March, as expected. U.S. homebuyers closed on 7 percent more homes as compared to February.

As expected, Existing Home Sales fell in February, slipping 30,000 units versus January’s numbers. It’s the 4th straight month in which Existing Home Sales were lower, month-over-month. But it may not last long.