Wednesday, August 4, 2010

Real Estate Outlook is Positive as Sales Jump

The real estate outlook is positive in Tampa, Florida as well as in most parts of the nation. A ReatlyTimes® article titled Real Estate Outlook: Sales Jump states “Single family sales jumped by 24 percent seasonally-adjusted basis over May, and were 19 percent above the totals for June 2009. The sales rebound verged on spectacular in the Northeast region – up 46 percent over the prior month. Gains were 33 percent in the South, and 21 percent in the Midwest.”

“Bob Jones, chairman of the National Association of Home Builders, called the latest sales figures ‘an encouraging sign’ that housing activity is springing back from the expected deep lows experienced after the credits expired.”

Sales were not the only positive indicator. Home prices were 1.3 percent higher compared with the month before, but they gained 4.6 percent year-over-year, which is a very encouraging sign that sales and home prices are both on the upswing. This is good news for the overall outlook that the real estate market is experiencing stabilization.

Another positive sign is that mortgage applications to buy houses continue to increase. “The Mortgage Bankers Association reported a 2 percent jump in purchase applications last week.”

The Greater Tampa Association of Realtors recent statistics support this overall outlook as the Tampa Bay area real estate market continues to see positive signs of improvement as 2,069 properties sold in June, which is the best month for sales since the December of 2006.

Record low interest rates, stabilization of housing prices, and an increase in mortgage applications are helping to lead to the recovery of our Tampa Bay real estate market. This is good news that SI Real Estate is happy to share with you. For more real estate news, call us 813.631.5144, e-mail us at YourHome@SIRealEstateInvestments.com, or visit us at www.SouthTampaRealEstate.blogspot.com.

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