Largest Monthly Home Sale Percentage Increase in 5 Years Reported by NAR
According to RISMEDIA, Sales of existing homes on the West Coast rose to their highest level in over a year. RISMEDIA reported that there were even more across the board optimistic indicators from Lawrence Yun, NAR chief economist who said gains in home sales are being reported in more markets -- "The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island," he said. "The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike."
Government intervention and support for Freddie and Fannie as well as banks is helping to stabilize rates and is beginning to open up credit markets. Interest rates are down somewhat to around 6% but remain quite dynamic responding to market news.
The news is good for buyers-historically low home prices, low interest rates, and government back financing making this a good time to buy.
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