Sales of existing home sales jumped by 5.1% to increase to 5.35 million homes at an annualised rate. This is the highest jump since November 2009 according to Bloomberg.
I can`t say I like where this is heading. Lower down payment requirements and the fear of the Federal Reserve raising rates are causing even fence-sitters to purchase homes. This spells a recipe for disaster or even the next housing bubble when everyone wants a piece of the action.
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