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 December 17, 2008

Sales Increase Where Prices Have Tumbled
Across the country real estate sales are seeing an increase in markets where home prices have experienced a decline. The new wave of sales is very different from before the housing bubble burst.
Markets in the following states: Arizona, California, Nebraska and Florida have begun to show signs of a market rebound. Market analysts report that prices in these states have dropped to levels where buyers with average salaries can again afford to enter the housing market.

Lawrence Yun of the NAR (National Association of Realtors) reports that buyers are returning and in some areas multiple bidding is reoccurring. The downside is that inventory levels remain very high.

DataQuick is an agency which provides property data to the real estate industry. They report that in California's San Joaquin Valley home sales in the months of October and November hit sales levels which were nearly equal to the height of the housing boom in 2005. Local real estate agents report that sales are generated mainly by first time buyers and investors who have cash to spend.