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Home sales, that s the number of signed contracts on existing homes signed in april. it was lower than expected. it was down 20% year over year. if you look at the why, it s because there is so little supply in the existing home market. in the existing market, people don t want to put their homes on the market because mortgage rates are so much higher now. so many people have in the 2%, 3% range, they don t want to trade that to the 7% range and buy another home. we have very little inventory. mortgage rates were in the 6.5% in the 30-year fixed range, that s not the case today. in the last two weeks, we ve seen mortgage rates really move higher just in anticipation of this debt issue. and so what that means is now we re at about 7.12% on the 30-year fixed. what does that mean to a buyer? if you are buying a home and you are getting a $400,000 mortgage, your monthly mortgage payment ....
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