Monday, August 24, 2009

Is The Housing Market On The Mend?

The Reports Are In.
Is The Housing Market On The Mend?

By way of several home sales reports and other economic data, (see home price appreciation report below) clear signals are being sent that the recent rout in home sales has diminished for a majority of the country . Sales of previously occupied homes rose for the third month in a row in the month of June, the National Association of Realtors reported. The marketplace has not seen this period of expansion in almost 5 years.

Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month Sales were up in all four regions of the country.

Demonstrating how the housing market is a big part of the economy's "barometer", the Dow Jones Average reached above 9,000 for the first time since early January.

In an informal and unscientific poll, Home Actions surveyed Realtors as to their perception of the turn around. Clearly, they reported, many consumers who were sitting on the fence are now engaged in the house hunting process. Low mortgage rates, combined with affordable home prices and government assistance create a nice environment.

Link NRA report

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