Positive News from Market Indicators
There’s a lot of positive real estate related news this week. Several real estate market indicators are positive for the first time in a long time. Take a look:
Exisiting Home Sales Up by 7.2% according to the National Association of Realtors
New Home Sales Up almost 10% according to the Commerce Department. That is the biggest monthly change since 2005.
Case-Schiller Home Price Index’s National Composite is up 2.9% in the second quarter of this year over the first quarter. 
This is the first quarter to quarter increase in over 3 years according to the Commerce Department.
Mortgage Applications up 7.5% last week according to the Mortgage Bankers Association. 30 Year Fixed Rate Mortages average 5.2% and 15 year fixed Rate Mortages average 4.6%.
That’s a lot of good news. Does this mean we are out of the woods and the happy days of house prices soaring are close at hand? No, not really. With national unemployment close to 10% and an estimated 3 million houses going into foreclosure this year alone, the real estate market still has a long way to go before we see wholesale price increases and the booming sales we had before the housing bubble burst.
However, with interest rates low and housing prices depressed, its a great time to buy if you have the credit score, income and downpayment. If you’re interested in buying, please feel free to give me a call – 917-544-2662.
