Nationally, existing-home sales increased in September, as buyers responded to improved housing affordability conditions, according to the National Association of REALTORS (NAR).
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time since November 2005 that home sales have been above year-ago levels,” he said. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”
NAR Chief Economist Lawrence Yun said there may still be market disruptions. “The credit markets are not settled yet, although the mortgage market stabilized with the government takeover of Fannie Mae and Freddie Mac. Inventory remains high, and price declines are pressuring owners,” he said.
We here at Remarkable Homes do not believe that the national real estate market can rebound until at least mid 2010 due to credit market volatility. The Nashville real estate market might be able to come back a little sooner, but few will be profitably flipping for a few years.
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