Home Sales Continue to Surge
While the rest of the country slowly but surely recovers from the recent housing market conditions, areas of Central Texas like Mansfield and Arlington continue to enjoy steady growth in the housing market and related industries.
According to the National Association of Realtors, the number of pending home sales in the United States has risen for three consecutive months in response to the federal home buyer tax credit and positive housing affordability conditions.
Pending home sales are at the highest level since last October when the Pending Home Sales Index hit 112.4, at which time we saw many anxious, first-time homeowners scrambling to meet the first deadline for the federal tax credit.
The decision to extend the tax credit showed a strong round of surging sales which surprised many who thought that just a small number of buyers were left to take advantage of the extension. However, it seems that the tax stimulus, higher consumer confidence levels and low mortgage interest rates all contributed to the surge in sales.
Lawrence Yun, NAR chief economist said that it seems that the housing market is back on its feet again and now appears to be in a good position to return to sustainable levels even without a stimulus package from the feds, as long as the economy continues to recovery and add more employment opportunities.
The federal tax credit attracted nearly one million buyers into the market which is now aiding the trade-up housing market and has greatly improved the inventory situation. Home prices stabilized quickly which has helped to preserve nearly $900 billion in home equity, which in turn is helping current homeowners from risking foreclosure. Go to www.tombrewerjr.com for more information.
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