According to data released today, housing sales have now risen in the US for three months in a row. Home prices in most areas have also stopped their decline, and in most areas are nudging upward. Many factors are probably responsible for this including: the 1st time buyers credit; low mortgage interest rates; polls showing slight improvement in consumer confidence regarding the economy; economic projections for the worst of the recession to be ending in either the 1st or 2nd quarter of 2010; a slight increase in availability of mortgage money; an improvement in stock market performance; etc.
However, not all areas of the country have seen the same trend. Real estate marketing and sales remains an entity peculiar to local areas. This means that one community may see its real estate market rebound before another, just as the drop in the market started in certain areas before others.
We are entering into a period where there may never be a better time to purchase a house. Of course, only those who are somewhat financially secure, with good credit, will be able to take advantage of this. And the high joblessness rate combined with little optimism on that front in the short-term, have created the major stumbling block to the housing market recovery.
The most important way to help the housing market is to lower the joblessness rate. Those truly interested in a timely economic recovery should urge our political leaders to make their #1 priority!