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When all is said and done, 2007 will go down in history as the year with the fifth highest number of transactions (5.92 million) which is down from 6.48 million in 2006. 2008 home sales are projected to be 6.27 million.

This weeks CHFA rate has dropped to 5.375% with 1 point. This is the lowest that it has been for the last couple of months. Not a bad rate for first time homebuyers.

 
Nationally, total housing inventory declined 3.6 percent at the end of November to 4.27 million existing homes available for sale. This represents a 10.3 month supply at the current sales pace which is down from a 10.7 month supply in October.