Hope for Residential Housing Market

In his online commentary, Lawrence Yun, Chief Economist for the National Association of REALTORS® (NAR), wrote: "The latest residential housing market figures do indeed give me some hope. Existing-home sales rose 2.4 percent in May. May’s increase follows a rise in resales in April as well. That’s the first back-to- back monthly increase in existing-home sales since September of 2005."

"Pending sales also rose. . . . Indeed, May’s pending home sales index was the fourth consecutive monthly gain since October of 2004. Housing affordability continues at historically high levels as well." To read his complete commentary, visit: http://www.realtor.org/research/reinsights/economistcommentary

New Home Sales Go Up

In The Wall Street Journal, journalist Jeff Bater reported "New-home sales soared in June from the previous month, the third increase in a row and supplying fresh evidence the housing market is beginning to recover from its long crisis." "Sales of single-family homes increased by 11.0% to a seasonally adjusted annual rate of 384,000 compared to the prior month, the Commerce Department said Monday. Though, year-over-year, new-home sales were 21.3% lower than the level in June 2008."

Source: http://online.wsj.com/article/SB124870175008183715.html#mod=rss_whats_news_us

Tax Credit Helps First Time Home Buyers

The tax credit now allows buyers with FHA loans to use the credit towards closing costs, make a larger downpayment, or buy down interest rate. Who qualifies? First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009. And, the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Learn more about the 2009 First-Time Home Buyer Tax Credit, including which purchasers and properties qualify and for how much at http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

Realtors' Confidence On the Rise

The most recent Realtors® Confidence Index suggests that the future for single-family homes looks far better than a year ago. And in spite of the lingering recession, buyer traffic is up. Wannasiri Chompoopet, Manager of Housing Statistics, gives us the latest view from our monthly panel of Realtors®.

Read “The Realtors® Confidence Index: Expectations Higher for Single Family Homes” online at http://www.realtor.org/research/reinsights/marketintelligence