July 17, 2024
home salesHome sales contracts signed in June unexpectedly rose across the country, but still were well below year-earlier levels. The National Association of Realtors June up-tick report was sharply contrary to forecasts by economists polled by Reuters, who had expected home sales contract signings to decline 1%.

NAR predicts a package of housing legislation signed by President Bush last week — particularly a $7,500 tax credit for first-time homebuyers — will aid a recovery.

"With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009," Lawrence Yun, the group's chief economist, said in a statement.

Others are less optimistic about a market embroiled in its worst downturn in decades. Richard Syron, chief executive of mortgage finance company Freddie Mac said Wednesday he expects home prices nationwide to fall 18 percent from peak to trough, according to their measure, and that the market is only halfway through the descent. Naturally, here in San Diego, our housing value decline in most areas has already exceed 25% of the peak reached in 2005.   

As I write this, the stock market is off over 200 points and both Fannie & Freddy Mac are of by Appx. 10%. If this NAR report really is a sign of a market bottom, seems the big money boys would be buying both Fannie & Freddy … Is this telling us something??   San Diego California income property

 

6 thoughts on “June Pending Home Sales Up 4.6% in the West

  1. Owning a home is not the be all and end all. In fact, for a fair number of people renting is a much better choice. A house can be an albatross that is hard to dispose of. It certainly limits your mobility. The government is making a mistake trying to maximize home ownership with it’s easy money policies. A Sacramento Lawyer

  2. Americans’ Debt Load Threatens the Entire Financial System. Years of spending more than they earn have left a record number of Americans standing at the financial precipice. They have amassed a mountain of debt that grows ever bigger because of high interest rates and fees. San Diego Dental Services

  3. Most of you are conditioned sheeple. The majority of homeowners did not buy in the last 3 years. The majority of homeowners have plenty of equity in their homes. It’s a very small group in trouble. Those in trouble will become renters again. Owners with equity will buy up most the foreclosed homes. Renters: look for the notice that your rent is going up. The rich get richer the poor get poorer. Pay attention. Invest if you can. Invest in Downtown San Diego Real Estate

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