Good News for Home Owners- Home Sales Are Up, Inventory Is DownEd Craine
February 10, 2009 — 1,226 views
I'm certainly not trying to sugarcoat the fact that our economy is in dire straits. However, most economists agree that in order for the economy as a whole to stabilize, the housing market must stabilize, at least a bit. The first step towards stabilization is unquestionably reducing the surplus of homes currently for sale.
That's why I find the report out this week, that existing home sales rose by 6.5% in December over November to be a small glimmer of hope. Of course, we're still below sales from last year, but these sales did help. In fact, they helped quite a bit. The number of homes currently for sale nationally declined nearly 12% from the previous month, which again is encouraging.
As mortgage rates continue to stay near historic lows, and home prices remain discounted, it is my hope that this trend will continue. Now, if we could just do something about reducing job losses....like to zero. Sigh.
Till next time,
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.