More Good News About the Market
Saturday, September 12, 2009
LOW INTEREST RATES:
Falling interest rates are fueling a rise in home mortgage applications and refinancings in the Inland region, though experts aren’t yet ready to declare the beleaguered local housing market on the road to full recovery.
PENDING SALES:
According to the National Association of Realtors’ housing affordability index, seven of the top eight most affordable months occurred during this year. Pending sales of existing homes rose for the sixth straight month in July, the association reported.
NEW HOME SALES:
Sales of new, single-family houses rose 9.6 percent in July compared with June, to a seasonally adjusted annual rate of 433,000 units, according to estimates released jointly by the U.S. Census Bureau and the Dept. of Housing and Urban Development.
HOUSING MARKET LOOKS GREAT FOR BUYERS:
The combination of affordable home prices, historically low mortgage rates, and a first-time home buyer tax credit that’s set to expire soon, has created the perfect storm of sorts for buyers who’ve been sitting on the fence, waiting for the market to recover.
Real estate prices nationally have declined approximately 30 percent from their 2006 peak and are beginning to show signs of increases—an indicator that prices aren’t likely to go much lower, according to some housing analysts.
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I will be happy to help you with any of your real estate needs. I look forward to working for you.
~ Barry Ripp