Real Estate Market Rising
The Real Estate market is showing signs of improvement recently.
Nationally we saw a 6.5% jump in home sales, with a 13 % jump in the midwest and south, according to the National Association of Realtors. Lawrence Yun, chief economist for NAR, attributed this movement to "Buyers responding to low home prices and interest rates" that have improved the affordability equation to its most favorable level in 39 years.
Also, the First Time Homebuyer Credit is up to $8,000, and does not have to be paid back (for homes purchased & closed before 12/01/2009).
Further, homes for sale on the market nationwide dropped nearly 18% last month, to the lowest level since May 0f 2007. Mortgage rates inched up a bit last week, but, are still close to 40 year historic lows. The Central Minnesota real estate market for Foreclosed or Bank Owned (REO) properties, is definitely getting more active. Of 5 homes a Saint Cloud Minnesota area homebuyer asked to view this week, 3 were Sold/Pending.
Stevewww.stcloudareahomesforsale.com
Steve Baklaich
RE/Max Realty Source
(320) 260-3290
