The National Association of Realtors reported last week that existing home sales increased for the second month in a row to a 6.92 million-unit rate in March from February's downwardly revised 6.90 million-unit pace.

After rebounding by 5% in February, resales ticked up by 0.3% in March, which, although slight, is still higher than the expected 2% to 3% drop. All U.S. regions are modestly higher versus a year ago except for the West, which is down 12% year-over-year. Considering this breakdown, RBS Greenwich Capital said that it should not be surprising that people in the West are seeing more of a slowdown compared to the rest of the country.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.