Existing Home Sales Rise in Feb

March 23, 2009
I have noticed that traffic has been down on my blog lately since I changed the format so I have decided I am going to post in both areas to save folks from clicking all over the internet to find things. The above link will still take you to my blog site but I will post here as well everyday for ease of use. So today we have great news out on the housing front which is pushing the stock market higher. Existing home sales are finally up and not but just a little, and not just in one area. I mentioned a few weeks ago that our office sales for the month of February were off the board well this must have spilled across the country as all four areas were up. I am seeing very positive things on the horizon. This months and the last few weeks specifically have seen interest rates falling to below five percent. It has also seen an easing in the lending markets allowing money to flow back to the consumers. Homebuilding is starting to pick up again and if you remember what I said back in December when you start to see this happen it is a sign that things will begin to move again. This means builders are getting money to start and to continue funding projects and that their inventories have reached a lower level where they have to build. It is great that they stopped for a little while to allow some of the current inventory to be digested by the market but it's time. The only issue I have seen with the new report which is linked below is that we still have a 9 month supply of homes. This is still high as a usual stable market has about 4.5 months supply.
Look for information this week in coming posts about Title Insurance and the new "Green" initiative in the real estate market. Todays post however is: Existing Home Sales Rise in February
http://www.realtor.org/press_room/news_releases/2009/03/february_existing_home_sales