3
Apr
Housing Turning Point?
The National Association of Realtors said falling home prices and mortgage rates below 5 percent, is making home ownership is more affordable than it has been since 1970. Also, the National Association of Realtors said its index of signed sales contracts for previously occupied homes rose 2.1 percent to 82.1 in February from January's record low of 80.4. In another positive sign, the Mortgage Bankers Association said its weekly application index climbed 3 percent last week to the highest level since mid-January.
Robert Freed, CEO of SummerHill Homes, a Palo Alto builder said: "We've definitely seen an uptick in buyer traffic and an increase in sales velocity that appears to be driven both by the tax credits as well as very favorable interest rates and very favorable new home pricing."
Is this a turning point for the housing market? Barclays Capital analyst Michelle Meyer said: "We do expect the pace of decline to start to moderate over the next several months." San Diego housing market
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