Sunny News in Real Estate

Despite the ups and downs on Wall Street, the US housing market has looked promising over the last couple of months.  In fact, just last week, sales figures of existing homes across the country were up 5.5% (the highest jump since the middle of the housing boom in July 2003).  Many of these sales were foreclosures, meaning a lower sales price.  New construction was up 2.7% nationwide last month as well.  Since many people are gobbling up the lower priced homes (especially those in foreclosure), the former glut of inventory now seems to be getting smaller, indicating the beginning of a possible leveling out of the housing market.  Mortgage applications were on the rise as well thanks largely to the decreased rate of 6.26% for 30-year fixed rate loans and 6.1% for 15-year loans.  Conventional loan mortgage applications were up 7.9% and FHA insured loan applications were up by 10.1%.  As the real estate outlook continues to look better, it is important to keep in mind that now is still a great time to buy a home or investment property.  Don’t miss out!