According the National Association of Realtors things are looking up in the real estate market. The NAR data indicates that the number of Purchase and Sales agreements executed in September 2009 rose for the eight straight month.
“Sales of existing homes surged a record 9.4% in September to a 5.57 million annual rate, a report last month showed. The median price fell at the slowest pace in a year as the number of houses on the market shrank" (Bloomberg.com).
Many real estate experts surmise that much of this increase might be attributed to the government's $8,000 home purchasing tax credit. Of course, these same experts are concerned the increase in housing sales will slow down once the government ends the incentive program this month. Since a thriving real estate market is essential to an economic recovery an extension of the program is being considered. Although the sale of foreclosure homes are also a major factor in increasing home sales they are also contributing to the decline in housing prices.
Monday, November 02, 2009
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The first time home buyers' credit has spurred sales - I imagine the Registry of Deeds will be a busy place this month. I guess many of us are procrastinators by nature - there was definitely a flurry of properties put under agreement at the end of October with quick closings. Though it's not a done deal the revised and expanded credit sounds promising for the next few months.
Liz
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