HOUSING "FREE FALL" is OVER!

By
Mortgage and Lending with PINELLAS FINANCIAL, LLC

On Saturday, the Associated Press reported that "the freefall is over" for housing prices! Housing prices actually edged up in May. This is the first increase since 2006. Nationwide home resales are up 9% in June compared to January of this year and sales of new homes up 17% during same period. New Construction has risen 20% since beginning of the year! This is all very GOOD NEWS! The best thing about hitting bottom is that there is only one way to go and that is up!    

Call Pinellas Financial mortgage company for more information on mortgages, interest rates and the $8,000 goverment tax credit for first-time homebuyers!

We are located in Clearwater, Florida but work all over the beautiful sunshine state!

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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

That sounds like great news that everyone should know.  Thanks for sharing.

Aug 03, 2009 12:46 AM #1
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Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Great news and thanks for sharing. We are finding the free fall is now in pockets instead of system wide. So I guess that is good

Aug 03, 2009 12:56 AM #2
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Philip Sanchez
PINELLAS FINANCIAL, LLC - Clearwater, FL

Jim, you are welcome. This good news has been a long time coming. But it makes us all a little tougher and a little more "seasoned" in our business. (I could use quite a long break before any more opportunities to prove my "staying power" in the business. HA)

Aug 03, 2009 12:59 AM #3
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Philip Sanchez
PINELLAS FINANCIAL, LLC - Clearwater, FL

Charlie,

In Florida we have "pockets" as well, but we also still have a big problem with condos. Many of the banks I broker to will not lend on condos in Florida. So we are hopeful for recovery in that area as well.

Aug 03, 2009 01:00 AM #4
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Bob Haywood
McGraw Realtors - Owasso, OK
BobHaywood.com

The AP may report that the free fall is over and some markets might be showing this, but it is still slow coming in our area. 

Aug 03, 2009 01:17 AM #5
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Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

In our area the inventory of homes for most first time home buyers is drying up, or what's left is overpriced and won't get a second look. There is still a hesitancy about buying, however, because the jobs situation is still not stable. Unemployment rates have still not peaked so there is a cautious concern in the marketplace.

Aug 03, 2009 01:31 AM #6
Anonymous
Terry Sanchez

Ed,

I agree, the AP also talked about that in the article. So let's hope unemployment does not cancel out recovery in the housing market.

Aug 03, 2009 01:41 AM #7
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8,772
Michael Del Greco
New Jersey Home Inspection - Woodland Park, NJ
Since 1993 I've Been Working For NJ Home Buyers

I find it interesting when people believe what they read.

 

For decades I read every financial publication I could get my hands on and watched my stock portfolio gain substantially over the last 15 years I have owned my own business.  Many times I even thought I was smart because I read all about how the markets work and how well I was doing. Further more I started to believe what I was doing was correct and that I would be able to retire with enough money to do so.

Then last (2008) May and June (seemed like over night) the value of every stock and mutual fund I owned dropped 40%, back to where it was 15 years ago and every dollar I made plus some evaporated.

I actually went back and read all those fancy business publications from early 2008 right through when much of my money evaporated and found no publication I could find told me to grab my life jacket and head for the life boats.  Not one told me to sell everything because the end was coming.  To the contrary, all were continuing to tell me to buy and buy more every time something went down.

Lehman Brothers,  FannieMae, Freddie Mac and AIG were all still being pitched as sure things that will recover and readers were told buy more.  Never did I find any article in any of those magazines apologizing to the readers for getting it 100% wrong or letting readers know they live off advertisements for financial companies and if they told readers to sell those advertisements might be cut back.

Those who did lost it all.

Real estate publications not only did not warn the readers the bubble was going to burst they continued to tell all to keep buying so the publication could make money from those placing ads.  After the real estate market started to soften not one real estate publication I know of warned of the impending disaster.

So -- why should I or anyone else belive a real estate or business publications prediction the market is about to rise?

 

 

 

Aug 03, 2009 01:53 AM #8
Anonymous
Terry Sanchez

I guess your right, there is no reason. I agree that the best financial analysts in the world are only guessing. I can only speak for my local community, but this article is inline with housing data where I am located. I'm not sure such pessimism is the only answer. So maybe we only have hope rather than educated guessing.

Aug 03, 2009 01:58 AM #9
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