Massachusetts and Rhode Island home sales continue to rise. 

That's right, 3 months in a row! In both states home prices dipped slightly. In Rhode Island, inventory is moving much quicker with the average days on the market dropping by about 20 days and the available inventory is starting to decrease. In the past, both of these events signaled an increase in home prices a year later. This could be good news for any homeowners who have been equity challenged and unable to grab a lower rate and payment through a refinance. 

It appears that the First Time Home Buyer Tax Credit of $8,000 has been helpful in pushing along some of the sales transactions. As of this post, the talk is of extending the credit into 2010 and then gradually decreasing the credit amount through the year. The credit may actually become available to anyone and on investment properties; it may be for a lesser amount but still could be a motivator to move a potential buyer into the market. To pull this program cold would for sure have a negative effect on the markets activity and recovery. 

How will the lack of jobs and employment, especially in RI play into the housing market? If the recession is drawing to an end, ideally companies will soon begin to start hiring again and anyone who wants or needs a good job will land one. 

Jason