Is There Hope For Housing Sales in the Numbers?
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Let’s face it, the housing market has been buried in bad news for the past 3 years. Heck, some people say I am the most optimistic person they know, and real estate has gotten me down.
But things look like they are turning around. Anecdotal evidence has shown that home sales are rebounding. Reports coming out this week should confirm or deny these feelings.
The foreclosure market is tightening and inventory is shrinking, always good signs.
Now there is still downward pressure on pricing being driven by the foreclosures, but that is not all bad. The fence sitters that have been waiting to buy are now getting anxious. They are asking am I late. And when the fence sitters start to leave their apartments and buy their first homes, that will allow the people stuck in their starter homes to upgrade.
And we will get that most important ingredient back in the market, VELOCITY.
Home sales will likely hit a bottom first — and may have already done so. Data on existing home sales in March is scheduled to come out Thursday and new home sales on Friday. Both measures of housing activity picked up in February, a sign that between cheap foreclosed-on houses and low mortgage rates, the volume of sales may finally have stopped falling. This week’s data will be a test of that thesis. Analysts are expecting a mixed bag, with new-home sales rising modestly but existing home sales falling a bit.
Whatever the March numbers say, there are good reasons to think that home sales will improve as the spring selling season gets underway. Anecdotal reports suggest that low mortgage rates and an $8,000 first-time home-buyer tax credit are coaxing buyers back into the market. And while foreclosures are set to rise as banks begin to move on delinquent homeowners, that actually could boost home sales as banks auction homes for whatever the market will bear. washingtonpost.com.
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Great blog, keep the great content coming! 
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Comment by Tony Sena on 20 April 2009:
Listing inventories have decreased because of the moratorium that was in place but that has now ended. The next 6-9 months will be important to see how inventory levels fluctuate.
Comment by Portland Real Estate on 20 April 2009:
Yay! Lets all hope that this is the bottom of the market. I would really love to see us return to the great market we once had (albeit a little bit different and with some new guiding rules).
Comment by Rochester NY Homes For Sale on 20 April 2009:
There are some markets that are a tough sell,however there are still high quality homes and there are buyers it just takes a little more work to get the right people into the right homes.
Comment by Bob on 20 April 2009:
you got to be kidding me. This is your analysis ???
Start with the C-S index, look at average household income, a 3X ratio and then come to initial conclusions.
Geeze ….
Comment by randi on 24 April 2009:
it depends on the quality and price, if the houses are good, then you are in a role