Positive Signs for U.S. Housing Market
Finally some positive news, south of the border, where the numbers from Nov of ‘09 show that several American real estate markets appear to be on the rebound.
A recent RISMedia article points out that below average prices (or at least below what was considered the norm just several years ago), coupled with the Obama government’s buyer tax-credit incentive, led to a surge in home sales in areas like Nevada, Ohio, the Midwest and upstate New York.
Perhaps one of the most interesting stats worth noting is the actual number of registered foreclosures in some areas. Take Las Vegas for example – as Sin City was one of several markets hit hard by the latest recession. While the market drop took it’s toll, Vegas is in it’s 5th month (and counting) of steadily declining numbers of foreclosures.
Head east to Ohio and the Midwest, and there’s suddenly a feeling of cautious optimism, thanks to above average gains in sales and average home price, as buyers made a mad dash to beat the federally legislated tax-credit deadline. Collectively, home sales are up nearly 60% over November of ‘08 (when the ripple-effect from the economic meltdown was beginning to fully take shape).
