A Pleasant September Surprise: Unexpected Increase In New Home SalesEd Craine
November 3, 2008 — 1,148 views
This week the U.S Census Bureau announced an unexpected increase in new home sales for the month of September. This increase (2.7%) is a great comeback from the decline in new home sales in August of 12.6%.
The increase in new home sales is undoubtedly in part due to the fact that median home prices are now at their lowest levels in four years. But, whatever the reason, it's very good news that homes are selling, as nearly all respected economists and financial gurus insist that in order for our economy to recover, the housing market must stabilize.
With foreclosures being scooped up in droves by investors, and new home sales on the rise, the inventory of homes on the market for sale declines, which is very good news for all of us. As the market becomes less saturated, we will almost assuredly see home values begin to stabilize. Turning that corner would be very, very good for all of us.
Let's all keep our fingers crossed that we're slowly but surely turning a corner on our troubled economy.
Ed Craine is the CEO of award winning Smith Craine Finance, one of the oldest independent Mortgage Companies in San Francisco, California. A 25+ year veteran of the real estate financing industry, Ed has originated and negotiated loans in excess of $2 billion, to include both commercial and residential properties. He has simultaneously held such notable positions as Vice President of the California Association of Mortgage Brokers (CAMB), as well as serving as the Public Relations Committee Chairperson of the 5,000 member strong association during 2007, the year in which the mortgage industry received more media attention than in recent history. Ed currently also serves as 1st Regional Vice President of the Certified Commercial Investment Member Institute (CCIM). He will be inducted as Vice President of the Southwest Region of CCIM in September 2008.