April Sales: Still Not Looking Good for the Housing Market

4 June 2008

Author: admin Posted under Foreclosure Filings

From a report released by the National Association of Realtors, it seems that home sales for the month of April slowed down. It is therefore not surprising that inventory of homes for sale soared by 10 percent and home prices dropped by 8 percent.

Homes sales for March was recorded at an annual pace of 4.94 million, slightly higher compared to April’s 4.89 million. As for town homes, condominiums and single-family unites, sales has declined by 17.5 percent. The only good news from this report is that the home sales forecast made by Briefing.com was lower than 4.89 million.

As for home prices, the median price is at $202,300. Last year, it was at $219,900. The 8 percent difference is believed to be due to the increased number of homes for sale in the market. In other words, demand is quite low while the supply is rather high.

For Weiss Research, the said report clearly shows that the national housing market is far from recovering despite the tightened underwriting guidelines and economic stimulus program launched by the government. As proof, the annual home sales pace, last 2005, was pegged at 7.2 million. The real estate analyst even expects the next months to have the same disappointing numbers.

On the other hand, cities like Fort Myers, Florida and San Diego, California are showing a rather active market. Home buying has increased because the decline in home prices was in the double-digit range. Buyers are actually beginning to nibble, hoping that they could take advantage of the market conditions that clearly favor them.

Another good opportunity that the current housing market crisis has offered is the great return potential provided by foreclosure properties. If you are looking to take advantage of these amazing properties, trust only Foreclosure-Support.

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