Hey there is more good news regarding real estate! I know we all are watching for this business to start turning around and hopefully our homes will start increasing in equity again. I just read this from the National Assoc. of Realtors and this is comforting news.
“With low interest rates, lower home prices, and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy,” says Lawrence Yun, NAR chief economist. “There have been sustained sales gains in Arizona, Nevada, and Florida, as well as diverse areas such as Maryland, the District of Columbia, and Nebraska. More recently, we’ve seen strong double-digit gains in Idaho, Utah, New Mexico, Washington, Hawaii, New York, New Jersey, Maine, Vermont, Wisconsin, Indiana, South Dakota, and Montana.”
“Housing affordability is hovering near record highs and there’s a wide selection of homes, but first-time buyers need to move quickly to take advantage of the $8,000 tax credit because they have to finalize the transaction by November 30.” Existing-home sales in the second quarter showed healthy gains from the first quarter in the vast majority of states, and price declines have increased affordability in most metro areas.
It is still taking a long time to get a 'short sale' completed but they do eventually complete and the savings is worth the wait. Available 'Bank Owned' properties, also known as 'REO' properties seem to be all but gone in the Phoenix Metro area right now, but hang on- the grapvine says that Bank of America, City Bank and Chase are holding on to some 750,000 properties they will be releasing out over the next 60 days. So there will be more savings to come!!!!
That's all for now.
Hey, if you find this information interesting and or helpful please let me know!!!!
Saturday, August 15, 2009
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