In December, the sale of previously owned homes increased 6.5%, the first upswing since September. The government's initiatives to stop foreclosures and lower interest rates are starting to have an effect, presenting fantastic opportunities for first time homebuyers and bargain saavy buyers snapping up distressed properties. The increase in sales volume, however, has done nothing to curb the downslide in pricing, about a 15% decline since this time last year.
Not so fun fact: Our economy has been stuck in recession since December, 2007. The collapse of the US housing market triggered the worst financial crisis since the Great Depression.
Well...it's a start to clear out the huge inventory of homes on the market and may mark the end of the worst housing market in decades. If you are or know someone looking for a great bargain, there hasn't been a better time in years. There is a pent up demand for housing, and when the market breaks loose...these great bargains will be in short supply, so now is the time to get buying!
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