Bottom Reached in Housing
U.S. home sales got a lift from the government’s first-time homebuyers’ tax credit and record low mortgage rates.
Sales of both new and existing homes are running 31% higher than their recent low, albeit 25% slower than their peak pace.
This increase combined with sharply lower housing starts has reduced the inventory of unsold homes significantly. Price increases so far have been limited, with the average still about 20% lower than peak levels.
The outlook for real estate remains murky given the backlog of foreclosures and strong increases in the number of homeowners who are delinquent in making their mortgage payments.
The government’s tax credit was extended until the end of April and the base of those who qualify broadened out. With interest rates remaining low, we expect that the pace of activity will gradually pick up but expect a relatively tame recovery for this sector during the forecast period.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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