Impressive October Real Estate Sales Show Signs of Recovery
Real Estate data indicates that the overall housing market is slowly improving
Price declines are getting smaller, sales volume is getting larger and the overall real estate market appears to be mending. October sales were up for pre-existing home sales, 23.5% up compared with October of 2008. Homes sales for October were predicted to be 5.70 million, but the sales volume turned out to be 6.1 million.
Encouraging words are being spoken about real estate by NAR’s chief economist who stated that, “Existing home sales have already bottomed. Home prices are almost there. We are seeing less of a decline in house values.”
Approximately one third of home sales in October were made by first time home buyers taking advantage of the first time home buyer tax credit. The median home price fell 7.1%, still affected by distressed properties which accounted for 30% of October’s home sales .
In addition, inventory of homes for sale has dropped slightly, indicating that the housing market is indeed recovering slowly. Tax incentives, low mortgage rates and decreasing home values continue to make their mark, helping real estate sales to increase. The housing market’s recovery will hopefully seep into the minds of consumers, giving a bit of peace and spurring on recovery in other sectors.
Click here for a Yahoo Real Estate article about real estate sales.
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February 11th, 2010 at 5:52 pm
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February 17th, 2010 at 11:59 am
I would agree except that the incoming newbies several years ago–the democrat conservative blue dogs–wre not much better. The system favors entrenched incumbents that build up power in committees and drive the agenda. Term limits would help but asking the power elite to give up their sword is silly. Voter outrage and turnover eventually is the only weapon and eventually will work. The constitution empowers from the bottom and America’s electorate has forgotten that to some degree–it is waking up; perhaps late, but better than nothing.
February 18th, 2010 at 11:23 pm
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