Free Republic

How do you reconcile these recent reports on housing? The National Association of Realtors (NAR) reported a surge in pending sale contracts in May to the highest level since 2006. Simultaneously Bloomberg reported that mortgage applications fell to their lowest level in nineteen months. Cash must be king? According to NAR 33% of existing home sales in May were cash. What portion of those cash sales do you think were from first time home buyers? My guess would be somewhere between zero and one percent. The first time home buyer has always been the most important buyer in the market,...