David Bruce

March 27th, 2009

Real Estate Starting To Bottom Out?

We continue to see good news!  Existing home sales rose 5.1% last month nationwide to a stronger than expected pace of 4.72 million units. This is the latest sign that the real estate market could be bottoming out and beginning to rise.  2 other positive signs signs include:

#1- Homebuilders are breaking ground on new homes.
#2- First-time jobless claims are falling.

Good news for the country’s real estate market which has seen mostly bad news for the past 2 years. If  the economy continues to trend stronger into the summer, it could also contribute to stock market gains, drawing cash away from mortgage bonds. The result would be higher mortgage rates.  Remember our current mortgage rates are artificially low, supported by government intervention. After last weeks Federal Reserve’s announcement rates fell to record lows around 4.5%.

Current mortgage rates are below 5%, and home prices are down 15%+ in many cases from 12 months ago. This is a rare window of opportunity to buy a home in a great area, with the features your want, at an incredible price!

Skye Bruce Properties, the Official REALTORS and Buyer’s Agents of RichmondHomeShopper.com can help you find the home of your dreams and a great price.  Contact them today!

This entry was posted on Friday, March 27th, 2009 at 10:59 am and is filed under Buying A Home, Real Estate News and Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website