Existing Home Sales Fell Again

According to a report made by the National Association of Realtors said Friday existing home sales fell again this month.  When comparing the monthly totals between April 2007 and 2008 the average price for existing home sales fell 8%.  This makes the second largest decline in price, in current recorded history.  Current predictions indicate the decline is not over, which will leave single-family homes on the market for long periods of time.  Again reemphasizing this is a buyers market. 

Currently realtors and those directly involved with the housing industry are taking a significant hit against their potential income.  A prolonged housing slump, with sales and housing prices dropping on a consistent basis, coupled with a foreclosure rate that is much higher than normal is also squelching consumer confidence.  Although the future appears bleak there are quite opportunities with the current market.  Interest rates have dropped below 6%, and Fannie Mae and Freddie Mac are developing new mortgage opportunities.  The federal housing administration is approving new mortgage programs regularly.

Although new home sales, and existing home sales they continue to decline for another several months, the rebound is being forecast to begin this year.  Although the winter months are typically not home buying months, the markets anticipated to begin its rebound is this year comes to a close.  Forecasters believe by spring of next year the market will have seen a significant increase in both new home sales and single-family resells.  With the end in sight realtors and market representatives have something to look forward to.  During the current market conditions buyers have something that can enjoy, the best prices for the most house since 1985.

Joe

Learn about Bauerle Ranch Real Estate at my personal website. You can also view Homes for Sale in The Hills of Lakeway if you like lake living and the Central Texas area.

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