La Jolla Real Estate, Del Mar real estate, Rancho Santa Fe Homes, Carmel Valley Real Estate, University City and
Downtown San Diego real estate, homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.






Search the San Diego MLS
(includes all areas in San Diego County)



 August 9, 2008

Pending Home Sales on the Rise
Good news for the housing market; pending homes sales are on the rise compared to last month. With the recent signing of the Housing Act, pending home sales rose a little over 5%. The numbers are up from the previous month, however, they are still down more than 12% from a year ago.
Experts agree that this shows a housing market making a transition and with pending sales on the rise, it also could possibly be showing signs that the housing market may be on its way to recovery. Some experts are predicting that the latest first-time homebuyer credit may stimulate the market into 2009.

Anything that will decrease the amount of foreclosures is of course good, but the real benefits will probably be seen from the first-time credit, increased loan limits and expanding the FHA program. All of these factors should make it worthwhile for many potential homebuyers to jump into the market.

In addition, home prices have not fallen as much as first anticipated in the 2nd quarter. In fact, some are projecting that home prices are expected to increase as much as six percent in 2009. On the other hand, new home sales are expected to fall more than 8% in 2009.