Economists are predicting that the current recession – the nation’s worst in 70 years – will end within the next three to six months. Home sales are improving and although the economic growth may be slow, the situation is definitely improving. Commerce Secretary Gary Locke recently released an optimistic statement, as reported by RISMedia, stating that, “leading indicators of activity are pointing up, and the housing sector appears to be stabilizing.
We’ve seen lots of positive signs over the past few days. Some highlights include:
Consumer spending increased in June for the second month in a row, pointing towards increased confidence among shoppers. See Consumer spending rises in June, second straight gain from USA Today.
The Pending Home Sales Index for June rose 3.6%, the fifth consecutive month in which home sales increased. The last time home sales rose for five months in a row was six years ago! Read the National Association of Realtors’® press release, Uptrend Continues in Pending Home Sales.
Foreclosures are slowing down, even in states most affected by the real estate decline, including here in California. For more information, check out the Associated Press analysis, Foreclosures Stabilize in Key States.
Home prices are starting to rise again, good news for those who watched their property values plummet in recent years. RealtyTimes reports on this development and other positive indicators in their latest Real Estate Outlook: Case-Shiller Reports Reversing.
Real estate is leading the way towards economic recovery, and as homeowners and buyers begin to regain confidence, we are sure to see sales and property values continue to rise. That’s great news for the housing industry and for the economy at large – increased real estate activity means more prosperity all around. If you are thinking about buying or selling a home, let our knowledgeable and professional sales associates help you navigate the landscape of today’s unprecedented market. Contact your local Coldwell Banker office today.