New home sales in US jumped 9.6% in summer making some economists think that the market has bottomed out. The increase in sales is largely attributed to much lower prices and buyer tax credit. However the drop of prices last year was over 13% and it looks like the status quo will stay for a while. Some of the real estate forecasters anticipate only additional 4% growth within 3 years, but some do not rule out even a new bubble. It looks like buyers will enjoy the ride for a while. One more thing though, at least in Naples good deal foreclosures are drying out visibly and give way to short sale deals if anybody is excited about that.
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