Reuters is reporting that home sales have seen the biggest gain since July, 2003, a 5.5% increase last month!
Read the full article on reuters.com:
http://www.reuters.com/article/gc03/idUSTRE49M5Q320081024?sp=true
Even though sales volume is up, prices, unfortunately, are still dropping and most likely will continue to do so until the large inventory of homes on the market bottoms out. We are seeing a huge increase in investors buying cheap, foreclosed homes. A sad and unfortunate way to decrease inventory.
We won't actually know when we've hit bottom until we've started back up, but hopefully this news is an indicator of good things to come.
- Mona
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