Existing home sales leaped in the month of July, as first-time buyers rushed to take advantage of a tax credit that expires this fall. The 7.2% increase from June to July was the largest in at least 10 years.

More bad numbers today in the area of existing home sales. The National Association of Realtors (NAR) released figures for existing home sales in March. The numbers showed a 3% drop to an annual rate of 4.57 million. This is down from an already downwardly revised 4.71 million annual units in February. Estimates had been a fall to an annual pace of of 4.7 million units, according to Thomson Reuters, so this throws cold water on hopes of a spring recovery, which many had been hoping for.

The new home sales unexpectedly and surprising went up in February giving a good boost to Wall Street. In the meanwhile the mortgage rates are flat so far today after creeping up some in the last few days.

Here is a very good surprise in the housing marketing. Existing home sales rose unexpectedly from January to February as buyers took advantage of bargain-basement prices.

The IRS is giving homeowners in need a well deserved Christmas gift. A plan announced today by IRS Commissioner Doug Shulman will make it easier for struggling homeowners to sell and refinance their homes.

Sales of US existing homes fell 2.6% to an annualized rate of 4.86 million from a 4.99 million pace the prior month. Existing home sales are down 16% year-over-year.

Ignore the spin folks. Existing home sales are down 31% from their peak in 2005 and nearly 16% from last year.

The pending home sales index unexpectedly rose in April by 6.3% to 88.2 from the previous month. Lawrence Yun, chief economist for the NAR, claims that this is due to an increase in bargain-hunting in areas where home prices have declined significantly.

In San Diego you’ll get a second home for free with the purchase of another (more expensive home).

Sales of previously owned homes declined 1% from the prior month to an annual pace of 4.89 million.

What goes up, must come down as the existing home sales for March fall.