Weekend Positive Real estate News

• NJ, Northeast real estate sales rise, signaling a bottom
• Home sales increase in July The State Journal-Register
• Florida’s Existing Home, Condo Sales Up in July 2009
• Fed notes positive signs in Texas economy
• Real estate numbers in July here impressive
• Positive News Trickles in for Real Estate Market
• Local housing trends positive
• RE/MAX Reports That Home Sales Data for First Half of 2009 Reveal Strongr Metro Chicago Real Estate Market
• Silicon Valley median house price rises in July to $540000
• US Economy Stops Shrinking, Heads for Expansion, Index Shows
• 30-Year Bonds Rally Smartly
• Mortgage Rates Fall Amid Positive Economic Reports
• Stocks higher after positive economic forecast
• Bernanke: US Economy Poised for Recovery
• US dollar reasonably valued- IMF top official
• Leading indicators rise 0.6% in July
• Existing home sales (single-family plus condos and coops) increased 7.2 percent from the prior month to a seasonally adjusted annual rate of 5.24 million units from an unrevised 4.89 million unit pace in June. The latest increase of over 7 percent is the highest monthly increase in at least 10 years.   The year-over-year increase of 5 percent from one-year ago is the highest year-over-year rise since September of 2005.  The home sales pace of 5.24 million was the highest since August 2007.
• For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of REALTORS®.
• Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June. Sales are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.
• Most Americans still believe buying a home is a great investment, according to a new study commissioned by Bankrate.com.

  Among the findings from the study:

  • 92 percent say that a home is a good investment for the future.
  • 48 percent worry about losing or being unable to afford their homes.
• Regionally, home sales rose in three of four major regions.  From June to July seasonally adjusted sales were:  

          In the Northeast, existing home sales increased 13.4 percent
          In the West, sales decreased 1.7 percent
          In the Midwest, sales increased 10.9 percent  
          In the South, sales increased 7.1 percent  

 The time to buy is now.Affordabiity and positive economic outlook is unprecedented. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June. The rate was 6.43 percent in July 2008. A family earning the nation’s median income of $64,000 a year could afford to buy 72.3 percent of all homes sold in the United States during the second quarter of 2009, according to the National Association of Home Builders and Wells Fargo.

  Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

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