The National Association of Realtors reported that existing home sales rose for the 3rd month in a row, up 3.6% over May. While there were nearly 4.9million existing home sales in June, the number is slightly down from June 2008’s 4.89million. The news however is upbeat and sent the stockmarket soaring over 9000 on Friday. Also encouraging in the news is the number of home sales representing foreclosures is now around a 1/3 down from nearly 1/2 early this year.
While the worst may be behind us, the economy is still clearly fragile. And last month’s numbers include nearly 30% of the transactions coming from 1st-time home buyers taking advantage of the tax credit which is due to expire in December. The Realtors chief economist, Lawrence Yun, reported that there are still issues coming from the new Home Valuation Code of Conduct(HVCC). Nearly 37% of Realtors said they lost at least 1 closing due to this new regulation.
As an investment home buyer, it appears the prices are going to remain relatively low for at least a while. This means this unprecedented buying opportunity should be available in a market near you for now at least. Additionally you can avoid the pitfalls of the HVCC by focusing on due-diligence, ensuring you have a good understanding the value of a potential home you are purchasing prior to putting down earnest money.
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