Housing sales and prices seem to be up everywhere and the new numbers back it up.
For the past three months we have been experiencing a itsybitsy firming in the real estate market. A few of us have been keeping our breath praying that it might be turning around. The big query has been how close are we? Well, it looks like we are very close. For six months in a row - the longest consecutive up tick since 2001 - sales are up and prices have increased indicating that some of the hardest hit areas may have already bottomed out.
Pendant
Investors are jumping in worried that they might miss the bottom of the market driving up prices and fueling investment of a inherent salvage as early as next spring.. According to Clear Capital's Home Data Index, housing prices through August are up 7.3% nationally - Breaking it down by region: the Northeast was up 5.4%; the Southern region was up 5.7%; the West was up 3% and the Midwest was up a whopping 16.4%! over the board housing prices increased in 28 of 30 markets surveyed.
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Creations Georgianni Sterling Silver Plated Beaded Wire Necklace with Twisted Enhancer Pendant with Swarovski Crystals Feature
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*** Product Information and Prices Stored: Aug 04, 2012 12:00:06
Markets like Dallas/Ft Worth continue to improve, but some of the dicier areas like Miami/Ft Lauderdale, Orlando, Houston, Los Angeles, Fresno,Riverside, San Bernadino, Phoenix, Cleveland, Columbus and Chicago have all experienced higher sales prices in spite of consumer belief dropping to 1.4% while the same period. Chicago just posted it's first quarterly gain in three years - increasing over 19%, approximately wiping out the total losses incurred last winter.
And the Reo saturation is waning. Nationally, Reo sales accounted for less than one third of all closings - down 11% - as foreclosures sales continues to decline. Even in the Reo saturated West Reo sales accounted for just over 40% - down 3% from the former month. Although other wave of Reo is incredible prior to years end the growth in distress sales is lessening their impact on the market as more and more borrowers are proactively disposing of their properties before foreclosure.
Interest rates for thirty year fixed loans have dropped below 5%. Loan applications are up 15% versus this time last year - Fha applications are up an incredible 52% as homebuyers flock to beat the window for the ,000 tax credit. Realtors in California are reporting manifold offers - many above the asking price - for the first time in three years. Ralph San Roman, Ceo of West Coast Bancorp, Inc. Claims, "There is a new excitement or energy in the market place. He told me of a client who dropped by his office this morning who said he had located a renovated Ornage County, Ca asset on the market and sold it the next day. He said realtors were complaining about having plenty of buyers, but not adequate product.
Are we there yet? I've got my rabbit's foot in my pocket, my lucky socks on and a crystal pendant nearby my neck. All my fingers are crossed and I'm stepping over every crack in the sidewalk. I've still got my sign up and I'm hoping.
Reo store Watch - October 2009Related : Platinum Jewelry Brass Rings Women Socks & Hosiery Jewelry Armoires Baby Boys Gloves & Mittens
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