YES, the stock market is still sketchy; YES, the "GLOBAL RECESSION" makes it difficult to see light at the end of our recession tunnel. SURPRISE! the real estate market is showing strong positive signs!!!
According to the National Association of Realtors, pending home sales (signed contracts in escrow) rose nearly 7%!
According to the Mortgage Bankers Association's survey ending July 3rd, another near 7% increase in home purchase applications!
On average interest rates last week were 5.3% for a 30 year fixed and 4.8 for a 15 year fixed!
Orawin Velz, economic forecaster for the Mortgage Bankers Association, said in a commentary that "the steady improvements in pending home sales are encouraging," and confirm the view that existing home sales hit their cyclical bottom in January and are likely to continue to rise in the coming months.
Since the January low point, she noted, the Realtors' pending sale index is up by 13 percent.
Since the January low point, she noted, the Realtors' pending sale index is up by 13 percent.
A new California Association of Realtors survey showed 68% of buyers were swayed off the fence, rather pushed by the great deals available. YES, many of these deals are short sales and foreclosures, but keep in mind the sooner WE absorb theses "distressed" properties the sooner the market will readjust and our equity will again RISE!!!
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