A Boom in Pre-Existing Real Estate Sales
In towns and cities all over the country, many in the southwestern regions such as the Texas town of Denton, foreclosure has been on the mind of many people. However, even given the current state of the economy, during the month of July sales on existing homes rose just more that seven percent. The real estate market saw more first time buyers surging the market than it has in a very long time. This was the largest jump in the market for one month in ten years.
Even just a few months ago, home owners were resistant to even put their houses up for sale, as no one was purchasing real estate, however is seems that those times may be reversing. The data was recorded by the National Association of Realtors, who had gone through the records of many states. Not only was July’s jump in sales tremendous, July marked the fourth month in a row that the percentage has gone up. This report was given on the same day that the United States economy was declared by the Federal Reserve to be on the way to recovery.
At a conference in a few months ago in Wyoming, the Chairman stated, that although there are still some challenges to face, home prices are becoming more stable and perhaps even by the next term the United States will see evidence of that recovery. In some counties in Pennsylvania and in New Jersey that sales are still down, however, they are not as low as they once were. Analysts are stating that the government rebate program for first time buyers, eight thousand dollars, may be what is stimulating the market. At the same time interest rates are incredibly low and houses are priced at affordable prices. This upturn is fueled by those first time buyers, as they have no previous debt holding them back, they are able to take advantage of the current shifts in the market.
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