Existing home sales feel 2.6% in April to an annual rate of 5.99 million compared to expectations for a rate of 6.12 million.  Existing home sales remain 10.7% lower than year ago levels.  The inventory of homes for sale shot 10.4% higher to 4.2 million properties which represents an 8.4 month's supply at the current sales pace which has pushed the days on market higher.  Prices fell slightly with median prices dropping 0.8% and the average price down 0.3% over the last year.    The correction taking place is expected to extend through the rest of this year as tighter credit standards weigh on demand and super high inventory levels weigh on prices.   It probably will be, ironically enough a substantial drop in home prices that will help restore demand and put the recovery in place.

Sincerely,

Frank Jacovini, ePRO, GRI
Broker/Owner
DiGennaro Real Estate
2514 S. Broad St.
Philadelphia, PA 19145
215-755-6700 or 267-295-7743

 
Posted by Frank Jacovini on 06/07/2007 04:08 PM   Comments (2)    

2 Comments on Real Estate Forecast:

Have prices dropped considerably over the course of this summer? How difficult is it to get a mortgage these days?  

08/22/2007 05:23 PM by PhillyRealEstateGuy

Prices have adjusted from their highs of 2005 and early 06.  Getting a mortgage is no harder these days than it was before as long as you have a decent credit score, a steady job and income that you can prove.

 At lease I haven't been having any problems getting my clients a loan.

It is really a great time to buy with prices down, rates still low and inventory plentiful.  Go out and get your piece of the American dream!

08/22/2007 05:47 PM by Frank Jacovini

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Real Estate Brokerage: DiGennaro Real Estate
Frank Jacovini
Philadelphia, PA
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DiGennaro Real Estate

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