This Month in Real Estate Commentary
Budding signs of recovery continued last month. The encouraging news arrived in a number of closely followed economic indicators. On Thursday, October 29, the U.S. Commerce Department stated the country's recession has officially ended, at least as leading data indicates. U.S. GDP expanded 3.5 percent in the third quarter, the first period of quarterly growth in more than a year. A strong bounce in housing sales activity in September, mainly due to first-time buyers' efforts to claim the tax credit before it expires for November 30, pointed to stabilization in the housing sector. And more good news this week as an extension and expansion to the Home Buyer Tax Credit made its way through a congressional vote and has officially been signed into law by the President. The recovery will continue to develop in small steps. The Recent Nobel Prize winner in economics, Paul Krugman, praised the progress, stating the most severe part of the crisis has now subsided and “the end of the world has been postponed.” Moving forward, trade imbalances and mounting levels of government debt, as well as high levels of unemployment, will need to be addressed. For now, governments including the United States will continue to provide stimulus support until the major economies are firmly on solid ground.
The Housing Market Existing Home Sales – Up over 9%
Median Home Price
Inventory – Lowest in 2.5 years
Mortgage Rates – Close to 5%
Affordability – Very favorable
Sources: National Association of Realtors, Freddie Mac Government Action First-Time Home Buyer Tax Extended and Expanded
The bill essentially remains intact but has a handful of important changes:
Sources: Bloomberg News, The Washington Post, U.S. Government Printing Office
Higher Loan Limits Extended
Sources: Inman News, National Association of Realtors Topics For Buyers & Sellers Peace of Mind Home Buyers Worried about High Unemployment The average duration that unemployed workers are out of a job is currently more than six months, near the highest level since the bureau started tracking the figure in 1948. The total number of unemployed people stands at 15.1 million. 5.4 million of those have been looking for work for more than 27 weeks. With incentives in the housing market, including very low interest rates, a large selection of homes for sale in many markets, and highly affordable home prices, concerns about the job market and possible unemployment have held back many potential buyers. Here are a few suggestions for potential buyers and current homeowners:
Sources: Bureau of Labor Statistics, CNNMoney.com, etc. |
your local real estate expert, for information about what's going on in our area.
Newsletter Contents 1. General Commentary 2. The Housing Market 3. Government Action 4. Topics for Buyers
|
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This Month in Real Estate Commentary
Budding signs of recovery continued last month. The encouraging news arrived in a number of closely followed economic indicators. On Thursday, October 29, the U.S. Commerce Department stated the country's recession has officially ended, at least as leading data indicates. U.S. GDP expanded 3.5 percent in the third quarter, the first period of quarterly growth in more than a year. A strong bounce in housing sales activity in September, mainly due to first-time buyers' efforts to claim the tax credit before it expires for November 30, pointed to stabilization in the housing sector. And more good news this week as an extension and expansion to the Home Buyer Tax Credit made its way through a congressional vote and has officially been signed into law by the President. The recovery will continue to develop in small steps. The Recent Nobel Prize winner in economics, Paul Krugman, praised the progress, stating the most severe part of the crisis has now subsided and “the end of the world has been postponed.” Moving forward, trade imbalances and mounting levels of government debt, as well as high levels of unemployment, will need to be addressed. For now, governments including the United States will continue to provide stimulus support until the major economies are firmly on solid ground.
The Housing Market Existing Home Sales – Up over 9%
Median Home Price
Inventory – Lowest in 2.5 years
Mortgage Rates – Close to 5%
Affordability – Very favorable
Sources: National Association of Realtors, Freddie Mac Government Action First-Time Home Buyer Tax Extended and Expanded
The bill essentially remains intact but has a handful of important changes:
Sources: Bloomberg News, The Washington Post, U.S. Government Printing Office
Higher Loan Limits Extended
Sources: Inman News, National Association of Realtors Topics For Buyers & Sellers Peace of Mind Home Buyers Worried about High Unemployment The average duration that unemployed workers are out of a job is currently more than six months, near the highest level since the bureau started tracking the figure in 1948. The total number of unemployed people stands at 15.1 million. 5.4 million of those have been looking for work for more than 27 weeks. With incentives in the housing market, including very low interest rates, a large selection of homes for sale in many markets, and highly affordable home prices, concerns about the job market and possible unemployment have held back many potential buyers. Here are a few suggestions for potential buyers and current homeowners:
Sources: Bureau of Labor Statistics, CNNMoney.com, etc. |
Contact me, your local real estate expert, for information about what's going on in our area.
Newsletter Contents 1. General Commentary 2. The Housing Market 3. Government Action 4. Topics for Buyers
|
This Month in Real Estate Commentary
Budding signs of recovery continued last month. The encouraging news arrived in a number of closely followed economic indicators. On Thursday, October 29, the U.S. Commerce Department stated the country's recession has officially ended, at least as leading data indicates. U.S. GDP expanded 3.5 percent in the third quarter, the first period of quarterly growth in more than a year. A strong bounce in housing sales activity in September, mainly due to first-time buyers' efforts to claim the tax credit before it expires for November 30, pointed to stabilization in the housing sector. And more good news this week as an extension and expansion to the Home Buyer Tax Credit made its way through a congressional vote and has officially been signed into law by the President. The recovery will continue to develop in small steps. The Recent Nobel Prize winner in economics, Paul Krugman, praised the progress, stating the most severe part of the crisis has now subsided and “the end of the world has been postponed.” Moving forward, trade imbalances and mounting levels of government debt, as well as high levels of unemployment, will need to be addressed. For now, governments including the United States will continue to provide stimulus support until the major economies are firmly on solid ground.
The Housing Market Existing Home Sales – Up over 9%
Median Home Price
Inventory – Lowest in 2.5 years
Mortgage Rates – Close to 5%
Affordability – Very favorable
Sources: National Association of Realtors, Freddie Mac Government Action First-Time Home Buyer Tax Extended and Expanded
The bill essentially remains intact but has a handful of important changes:
Sources: Bloomberg News, The Washington Post, U.S. Government Printing Office
Higher Loan Limits Extended
Sources: Inman News, National Association of Realtors Topics For Buyers & Sellers Peace of Mind Home Buyers Worried about High Unemployment The average duration that unemployed workers are out of a job is currently more than six months, near the highest level since the bureau started tracking the figure in 1948. The total number of unemployed people stands at 15.1 million. 5.4 million of those have been looking for work for more than 27 weeks. With incentives in the housing market, including very low interest rates, a large selection of homes for sale in many markets, and highly affordable home prices, concerns about the job market and possible unemployment have held back many potential buyers. Here are a few suggestions for potential buyers and current homeowners:
Sources: Bureau of Labor Statistics, CNNMoney.com, etc. |
Contact me, your local real estate expert, for information about what's going on in our area.
Newsletter Contents 1. General Commentary 2. The Housing Market 3. Government Action 4. Topics for Buyers
|