The National Association of Realtors (NAR) released a report this week showing existing home sales up in January. This is a rise in home sales for the third time in the last four months. This report is in line with what I have been personally seeing for at least the last 4 -5 months.
The NAR report also showed that completed transactions were up by 4.3% from December of 2011, and up .7% from January of 2011. Regionally existing home sales were:
- The Northeast rose by 3.4% in January, and 7.1% above last year.
- The Midwest rose by 1% in December and were 3.2% higher than January 2011
- The South rose by 3.5% in January, which was the same as a year ago
- The West really jumped up by 8.8% in January, but this was 3.1% less than last January
According to NAR Chief Economist Lawrence Yun "The uptrend in home sales is in line with all of the underlying fundamentals - pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents"
All these numbers are great, but what I rely on is what I am experiencing, and what I have been experiencing is that so far this year is more Borrowers making offers on house, and running into more multiple offers. This is a good indication to me that many of those qualified Borrowers that had been sitting and waiting are finally out shopping for houses. That should mean more sales, and hopefully the end to the downward trend that we have been in for several years now. This maybe the beginning of the recovery that we have been hoping and waiting for.
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George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.coml
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