A Few Random Comments on November Existing Home Sales

First, the decline in existing home sales was not a surprise, see: Existing Home Sales: Take the Under Tomorrow Second, a key reason for the decline was the new TILA-RESPA Integrated Disclosure (TRID). In early October, this new disclosure rule pushed down mortgage applications sharply - however applications have since bounced back. Note: TILA: Truth in Lending Act, and RESPA: the Real Estate Settlement Procedures Act of 1974.  The impact from TRID will sort out over a few months. Third, there are probably some economic reasons too for the decline (not just a change in disclosures).......(read more)

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