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First American: "Home Sales Have Likely Already Bottomed"

First American Financial has suggested that existing home sales may have nowhere to go but up, which would be welcome news for mortgage lenders. So reports MReport.

first american 150x150“The good news is that home sales have likely already bottomed, and the pace of sales will begin to settle into a new normal below the breakneck pace of 2020 and 2021, but also not as low as earlier this year," Mark Fleming, chief economist at First American, wrote in a blog post.

According to First American’s proprietary model, potential existing-home sales inched lower in June and were down 2.8% from a year earlier.

Read the full article from MReport.

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