I heard some good news on this rainy day in Tennessee!!
I don't always hear good news about the economy so I like to share it when I do. I spoke to an executive this morning who works for a major retailer. He said that he was, "surprised" at sales last weekend and looking forward to this one. He, like other retailers, are scared and are expecting a 20% decrease in sales for the holiday shopping season. He seemed to have a new energy after last weekend and I hope this energy bleeds over into the housing market.
According to The Case-Shiller Home Price Index, sales of existing home prices went up 6% across the nation in September--I will be anxious to see what happens this month. We do know that most of the increase is coming from sales of foreclosures and lower-priced investment properties. With a huge supply of homes bringing prices down, people are finally buying, albeit less expensive properties but still producing positive numbers. If the bailout works and some bad loans start to get salvaged, the number of homes getting dumped into the market will be lower and the market should start to stabilize slowly.
So, keep your ears open for good news and share it. Things are looking up, are you?