Monday, November 21, 2011

Sales of Existing U.S. Homes Unexpectedly Increase: Economy - Businessweek

Sales of Existing U.S. Homes Unexpectedly Increase

These statistics shouldn't be unexpected. This time last year, the effects of the Federal Tax Credit for New Home Buyers waned and mortgage rates increased. Couple that with the mortgage interest rates that have been bouncing around at historically low levels recently, due to recent Fed actions, and there is a comparatively more attractive housing market now than last year. If in April 2012 the number of sales are still higher/increasing, then that may be a sign of an improving market, at least here in San Diego County - but as it is now, it is just a sign that we are doing better than the 'hangover' period after last years tax credit and increasing interest rates, which isn't saying much.

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