The Law Office of Michael E. Ripley

Exceeding Expectations

Existing Home Sales Up By 6.5%

As indicated in an article in USA Today (August 22, 2013), existing home sales rose 6.5% in July, reaching their highest level in four years. The sales rate was up 17% from the same time last year. The article also indicates that interest rates on a 30 year mortgage have risen by a full percentage point since a month ago, which means for a buyer of a median priced home, who puts 20% down, the monthly payment increases by about $100.00.