According to the National Association of Realtors, pending home sales rose in June by 3.6% over May. The increase marks the fifth straight month that pending sales have increased. The last time sales posted five consecutive monthly gains was July 2003!
The combination of reduced home prices, low interest rates & the $8,000 Tax Credit have spurred people to buy up plenty of good values. In the Midwest specifically, sales are up 11.6% over a year ago, driven mainly by excellent values.
While many of these sales may be on distressed properties & foreclosures, that is actually a good thing! Owner occupied homes raise property values & the buying of foreclosures thins out the glut of housing inventory that has kept prices down all year.
Turn-around? We hope so!
Wednesday, August 5, 2009
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