A bit of light through the clouds in real estate. The Federal Reserve has decreed that the industry is in a "modest" recovery phase. Not great, but better than what we have been going through, and, as my Aunt Loie used to say: "Better than a poke in the eye with a sharp stick."
The top 5 recent trends that have positively impacted the real estate market over the first seven months of 2010 are:
1) GDP is growing
2) Corporations are saving cash (next step is spending)
3) Median home prices in 2/3 of the major markets measured are up 2010 vs. 2009
4) Interest rates are at an all time low.
5) Mortgage applications are UP over the past 4 weeks, after a drop with expiration of the Homebuyer Tax Credit.
For more details, please click the link below to todays Realty Times article, elaborating on this topic.
Realty Times - Real Estate Outlook: Modest Recovery