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NAR survey finds hopeful signs in housing market

August 13, 2009 by  

NAR survey finds hopeful signs in housing marketIn a sign that the housing market may be recovering, the National Association of Realtors’ new poll suggests improvement may be on the horizon for homebuyers and homeowners alike.

Those who would like to purchase a home may be interested to learn that the median prices, which are significantly below last year’s levels, have resulted in attractive deals in most metro areas. The association estimates existing-home sales, including single-family and condo, rose 3.8 percent to a seasonally adjusted annual rate of 4.76 million units in the second quarter.

"With lower home prices and a first-time buyer tax credit we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy," says NAR chief economist Lawrence Yun.

The association furthermore cites data from Freddie Mac which say the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to 5.03 percent – a record low – in the second quarter, from 5.06 percent in the first quarter.

While prospective homebuyers have a chance to take advantage of unprecedented low prices, there is also positive news for homeowners in the NAR survey. Although the median house price at $174,100 at the end of the second quarter of 2009 is 15.6 percent lower than at the end of the second quarter of 2008, it still rose 4 percent from to the first quarter of this year when it was $167,300.

In fact, NAR’s Yun explains that as home values stabilize, foreclosure pressure will ease and boost credit availability for other sectors of the economy.
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  • ONTIME

    The NAR can look for change and hope all they want but being in the commercial market and seeing the job’s situation, all I can say is that these folks had best get off their socialistic high horse and get some money into that old capitalistic freemarket. If they don’t the only ones who are going to have a guaranteed income is going to be the few remaining warlords after the civil wars.

    Things are tough but they are even tougher if your stupid…J.W.

  • chris

    Get your head out and quit lying to the public. The houses that are being sold are over the backs of the bleeding consumers and prices at below the cost to build. It will not stay that way and the market is still in freefall. Quit lying!

  • Daniel

    Man the stats were provided by the corrupt, inept freddie mac! Need I say more? Oh yes freddie and fannie just got ANOTHER 11.6 BILLION! Thats not hard earned money well spent folks its your tax dollars being stolen and used against you to further give the freeloaders more houses to further crash the housing market!

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