I’ve noticed a lot of sales in my area lately and I guess this is reflected nationwide…
WASHINGTON (Reuters) - Sales of previously owned U.S. homes rose at their fastest pace in nearly six years in February, data showed on Monday, providing some good news for the recession hit-economy.
Sales rose 5.1 percent in February to a 4.72 million-unit annual rate, notching their largest gain since July 2003, the National Association of Realtors said, but about 45 percent of the sales were foreclosure or short-sale transactions.
Economists polled by Reuters were expecting home resales to slip to a 4.45 million-unit pace, from the 4.49 million rate initially reported for January.
“Our analysis shows that distressed homes typically are selling for 20 percent less than normal market price, and this naturally is drawing down the median price,” said Lawrence Yun, NAR chief economist.
After all we have been through if we “only” take a 20% hit that will be better then I expected.
Rates are good as they will ever be and prices can’t get much lower @ the entry level. Back to '03 prices in most places in the Inland NW. Good news for us “common folk.” If you are secure in your job, this year would be the time to enter the market or upgrade.
