Well, there have been a few media stories put out on the POSITIVE side of the housing market in recent days. There was a slight increaese in home sales acorss the country in November and December, which are typically slowre months due to the holidays. A 6.5% increase is a number worth rallying around. I would assume this is fueled by the low mortgage rates and will hopefully continue in January.
In a recent AJC article, Eugene James of MetroStudy noted that buyer interest, while not overwhelming, is trending upward. The pool of properties for sale, while large, has shrunk, and a turning point could be approaching, he said. Eventually the inventory will be absorbed and there will be a rebalance of supply and demand. We’re just not sure how long it will take to get there.
There are reports that several states have actually seen an increase in their single family home prices., a good indicator of positive things on the horizon. These states include West Virginia, Texas, South Dakota, Montana, Mississippi, Utah and New Mexico.
Here’s hoping Georgia makes the list of states with an uptick in homesales in early 2009. Until then, we’ll keep hanging in there!