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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4 Comments
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Just get it over and done with, a recession is required to weed out the crap in the market.
The UK & the US both need a hard landing. Bring it on!!
San Antonio attorneys
Those discussing the large drop in home prices that need to happen are failing to mention that the nominal price will not fall that far because Bernake is inflating the market; real prices will fall 30%+, however.
Baja Mexico dentist
Yes house prices might fall even more than during the great depression but maybe there are just different drivers and each depression will be driven by completely different circumstances. Maybe a recession would not be a bad thing over the long run.
San Diego condos
Sales appear to be picking up, with 3 more sales recently in our San Diego home development.