Late last week the WSJ.com reported a 7.2% rise month-over-month increase in more than ten years!
Most of the sales were distressed homes including short sales and bank owned homes. It is very important to get these distressed homes off the market and get back to a regular market which might not be until 2012 most experts suggest.
Prices of homes will continue to drop until the distressed properties are mostly sold. There is still at least another year of inventory of bank foreclosures. Some of the bank owned properties are being held by the banks waiting for the market to get better.
The interest rates for home mortgages are still very low. The average 30-year mortgage rate fell to 5.22% in July from 5.42% in June.
Thanks
Brad Oliver
Century 21 1st Place Realty
208-947-4659
Bradley@Centuy21.com
http://www.BradleyOliver.net
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