Real Estate Outlook: Key Indicators Point Up, an article from Realty Times, reports that economic signs pointing to a recovery underway in the real estate market keep getting stronger week after week.  Last month, pending home sales jumped 3.2% - two months in a row of positive growth.  According to Lawrence Yun, chief economist for the NAR, we're now at "the leading edge of first-time buyers responding to very favorable affordability conditions, and an $8,000 tax credit."  Mortgage applications for home purchases were up 5% nationwide last month.  Mortgage rates are starting to rise in response to the growing demand for mortgage money - though still close to historic lows.  The affordability index is near its all-time best.  Consumer psychology is turning positive on housing.  According to the Gallup polling organization, 71% of Americans feel that it is a good time to purchase a house - up 18% in a year, and the highest level in four years. 
http://realtytimes.com/rtpages/20090512_realestateoutlook.htm

Looks like a lot of the new buyers are taking advantage of the tax credit.  For more info about how the tax credit works see below.

Search Properties and Home Values at

www.realestatesuperheroes.com

www.oldtownhousevalues.com

or call me (970) 231-0890