During the 4th quarter of 2010, over half of the metropolitan areas have experienced price gains from a year ago, but the rest of the areas did not. NAR chief economist Lawrence Yun is encouraged by the trend and says the sales in the last quarter of 2010 has absorbed much of the inventory including distress properties. This could be a good sign that we may be recovering. With the continued improvement of the market and more jobs become available, the market will be back to normal.
Interest rates have been a big factor in sustaining the sales of homes. Last year we have seen interest rates at its all time low, but the rates have been inching up. This is a reaction to the housing recovery that we might be experiencing. We may never see rates lower then 5% in the future. In my 30 years of working in this industry, I thought I would never see interest rates lower than 6%, but it did happen. If you’re planning to finance a purchase or refinancing an existing property, you may want to do it now before the rates go sky high.
- Home sales grow, aided by more stable prices (money.cnn.com)
- Pending Home Sales Rebound Strongly in October (dailyfinance.com)
- Home Sales Increase in Late 2010, but Prices Continue to Slide (wsunews.wsu.edu)
- Explaining the Realtors’ Rosy Housing Data (blogs.wsj.com)
- Mortgage payments have hit bottom, expert says (seattlepi.com)
- Rising Home Sales Point to a Housing Recovery (dailyfinance.com)
- U.S. home market struggles to gain traction (financialpost.com)
- Buyers have the edge! (kmckeeth.wordpress.com)
- U.S. home sales surge, jobless claims decline (financialpost.com)
- Existing Home Sales Up, But Prices Still Weak (247wallst.com)