Market Trends / October 1, 2009
Finally, it seems we have some real evidence of an uptick in real estate values in the second quarter of this year. This comes from the Case-Shiller Index, NAR reports for August, and improved affordability from the HOI. 72% of families nationwide can afford a median priced home. This is up from 55% in this same period in 2008.
Most of this is thought to be due to the First Time Homebuyers Credit, record low interest rates, and lower prices across the board.
Historically the movement in the affordable housing market has signaled a trend toward an upturn for all price ranges, as the seller's of low end homes become move up buyers.
The Pacific Northwest:
Hi Sandra-Great Information, Much Continued Success
Looks like your market, like ours, is moving in the right direction. Thanks for the post.
Melissa nd Michael, it does feel good to be able to report such good news. I am a bit concerned about another wave of foreclosures, and a lot of other conditions in the general economy, but I will take some good news when ever it comes our way. Our little RE community thrives on buyers from Seattle, CA, AZ and Alaska.
Sandra - Your market seems to be reflecting ours on the other coast as well. This has been a very busy summer for us here in New Jersey. Best of luck and future success. :-)