At present it does not appear that there is enough evidence yet to declare that a market comeback is in the offing. The bottom line is that no one can say anything with 100 percent certainty given the current state of our national economy.
Even the National Association of Realtors, which has come out with its latest report documenting a two percent decline in existing home sales for March 2008, down 19.3 percent from March 2007, can't be certain. Although industry analysts were anticipating this monthly decline, according to Mortgage News Daily.
The NAR tried to be positive about the nation's situation earlier this month in stating that, "Existing home sales could start to show a sustained increase within the next few months." But, obviously, it's too soon to make such a bold statement.
The median home price nationally also declined for the month, down 7.7 percent from $217,400 in March 2007 to $200,700 last month. Home inventory continues to be a huge problem for the Realtors, currently up to a 9.9 month supply (that's up from a 9.6 month supply in February).
While everyone is worrying what the Federal Reserve is going to do next to try and stabilize the economy and keep it from falling deeper into recession, a slight bit of good news also came out this week with the announcement that home prices rose 0.6 percent in February.
According to the official statement of the Office of Federal Housing Enterprise Oversight (OFHEO), a monthly increase in prices was reported between January and February 2008 for seven out of the nine census divisions tracked by the agency. Only the Mountain and South Atlantic regions documented price depreciation for the period, while the Pacific, West North Central, West South Central, East North Central, East South Central, New England and Middle Atlantic regions all reported an upswing in prices.
Still, prices nationally are down 2.4 percent on a yearly basis from February 2008, and down 3.1 percent from their peak back in April 2007.
Given the overall mood of the nation at this time, and the lack of consumer confidence reported by many analysts, investors and prospective home buyers don't need to worry about a market comeback anytime soon. There will be plenty of time and a large selection of properties to choose from when deciding which ones are in the right locations for them and at the best bargain prices.
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