DOOM AND GLOOM? YES, we are in the middle of a recovery and unemployment is high, but all the talking heads and nay-sayers in your offices seem to forget the good stuff – so here goes:
• New home sales have risen for five straight months.
• Existing home sales are up in four of the last five months.
• Construction of new homes increased for the third straight month in August.
• Home inventories down.
• Average home prices in the conforming price range are up for the 3rd month in a row.
• The Case-Shiller Index shows prices for homes in ALL price ranges in 18 of the top 20 cities up two months in a row, and up 3 months in a row in 15 of the largest 20 cities.
Why is this not important anymore? But there’s more….
• Last week’s economic data that showed a 30% drop in corporate layoffs vs last year.
• The ISM Manufacturing report shows that, although weaker than anticipated, we’ve had the second consecutive month of growth in the manufacturing sector.
• 90% of our workforce is working.
AND FINALLY
• With the slide in the dollar rates have dropped back to where they were last May – 4.75% to 5.25% depending on program and credit…
• AND with the low rates and lower home prices, NOW is the MOST AFFORDABLE TIME IN THE LAST 30 YEARS to buy a home. Tell you buyers to BUY NOW!
Yes, we have some bumps yet to go through, but don't forget the positive. Have a great weekend. Call me if your ready to buy or selling and get you talking to a reputable lender.
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