Check out the article below..
This is fantastic news! Seriously, at this point we are at the bottom. We have nowhere to go but up! 2009 WILL be better than 2008. And now we have Obama in doling out cash wherever possible to kick the economy back into gear. I know NAR (based in Chicago - Obama's old stomping grounds) is lobbying for the $7500 tax credit to be increased and made 'permanent' not a loan that needs to be paid back.
I haven't been this optimistic in a very long time about what to expect for our industry/incomes.
Good Selling Everyone!
PJ
December home sales hit lowest point since 1963
As the recession deepens and consumers cut back on spending, sales of new homes dropped to record lows closing out last year.
The U.S. Census Bureau reports that new home sales fell to a seasonally adjusted annual rate of 331,000 in December.
That's down nearly 15 percent from a revised 388,000 annual rate in November. December's total was the lowest on records dating back to 1963.
The December sales pace was 45 percent below the same month a year ago, when the annual rate of new home sales was 600,000.
The median sales price - the value at which half of the homes sold for more and half for less - was $206,500, down 9 percent from $227,700 a year earlier.
At the end of 2008, there were a seasonally adjusted 357,000 homes for sale, which represents an inventory level of nearly 13 months at the current sales pace.
For all of 2008, 482,000 new homes were sold, almost 38 percent less than the year prior. In 2007, 776,000 new homes sold, according to the report.
http://jacksonville.bizjournals.com/jacksonville/stories/2009/01/26/daily40.html?ana=e_du_pap
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