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These
results seem to confirm recent
reports from Economists and Real
Estate experts nationwide. The
following are a few examples:
The recent
report on existing and new home
sales indicated signs of
stabilizing inventories
with stable or declining numbers
of single-family homes for sale
over the past three months.
The
University of Michigan
home-buying index has risen
back to its value at the start
of the year.
David Lereah,
Chief Economist for the National
Association of Realtors recently
commented, “With luck price
increases will continue for the
balance of 2006. If they do we
might find out that the decline
in sales bottomed out in July
2006. An upward shift in the
NAR’s leading home sale
indicator points to a
pick-up in transactions
in the months ahead. The August
pending home-sale index, which
was up to 110.1 from 105.6 in
July, suggests the worst of the
sales easing might be over”.
In the
November Realtor Magazine, Robert
Freedman noted the following:
“The housing
slow down is likely to bottom
out by mid 2007 with only
moderate disruption to the U.S.
economy”.
Panelists
addressing a Senate Banking
Committee hearing on September
13th indicated, “a
substantial drop in home values
isn’t in the cards”.
“Economic
Fundamentals remain strong. Many
areas are seeing solid job
growth fueled by positive
demographic trends that point to
a strong housing demand
in the future”.
Andrew Cassel recently wrote an
article entitled
“Housing
Bust? Already Over, Several Experts
are Saying”,
which was published in the
Philadelphia Inquirer on November 3,
2006. Cassel quotes, Zoltan Poszar
of Moody’s Economy.com in West
Chester, PA for the piece. Here are
some excerpts.
“If rates
don’t rise further, there’s
reason to hope buyers will start
showing up again, gradually
absorbing the excess units”.
“The
situation is no longer
deteriorating for home
builders. Poszar thinks builders
will be able to sell off their
current backlog of homes within
a year, putting the
housing market back on a modest
growth path”.
“The U.S.
economy should get through 2007
without a significant setback. I
don’t see a recession out there
at all”.
This is
positive news for the
real estate market and should
provide a bit of confidence for
those considering a purchase but
not sure about the timing.
There are
excellent values
available today and
while sales have picked up
selection remains outstanding!
Sincerely,
Broker/Sales
Representative
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Greetings,
