Things that are rising…
- The National Association of Realtors says February existing home sales rose 5.1% over January (The largest sales jump since July 2003)
- February’s median home sale price rose a bit from January (which showed the lowest median price since September 2002)
- The DOW has risen back over 7700 pts (a gigantic upward move of nearly 500 pts just today)
Things that are falling…
- Mortgage rates have fallen back below 5%
- The number of existing homes in inventory is beginning to fall (most notably in Florida and California)
- Prices (although rising slightly in some of the hardest hit areas) have fallen dramatically mainly as a result of foreclosures.
All of the above are from today’s news. I’ve been waiting to see a combination of news stories like these for months. One thing that would have made today better would have been some improving employment news but that will come. Yes, we’re far from being out of the woods but these positive signs deliver hope to our super distressed real estate market. Today’s news was good!
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About David Goldstein — David Goldstein is an Owner and Founding Partner of Colibri Real Estate, LLC. which operates online education providers Colibri Real Estate, Insurance License Express and License Tutor. Follow him on Twitter.