A Few Random Comments on December Existing Home Sales

Everyone expected a rebound in existing home sales in December. The key reason for the decline in November was the new TILA-RESPA Integrated Disclosure (TRID). In early October, this new disclosure rule pushed down mortgage applications sharply, however applications bounced back - and so did home sales in December. No surprise.  Note: TILA: Truth in Lending Act, and RESPA: the Real Estate Settlement Procedures Act of 1974. However, most analysts underestimated the strength of the rebound. (Not CR readers who expected an above consensus report ). As I've noted before, there are some......(read more)

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