House Market on a Possible Rise

By Alcides Hoy Jr.

With the recent economic crisis everyone is giving up on spending. Yet it seems as if hope is being restored back into the housing market. Industry reports show that in February there was an increase in the sales of existing homes. This was strong recovery from January downhill housing market sales. I know many of you are asking it is time to jump back into the housing market? I cant say but I also cant say no by a long shot. This is definitely a time to retreat back into research mode and find about how the market is looking. Many of us wonder with the fluctuating market lately how could we put our trust back into the industry. Sales for the current month increased nearly six percent from its declining five percent in February. Ian Shepherdson, chief U.S. economist at High Frequency Economics, said there's a "good chance" the collapse in home sales that has been going on since September is "now over." There you have it folks a professional giving you some assurance that we might be able to gather our funds and gradually lean back into the housing market.

http://money.cnn.com/2009/03/23/real_estate/existing_home_sales/index.htm?

http://online.wsj.com/article/SB123781706899814483.html

http://www.hispanicbusiness.com/news/2009/3/23/existinghome_sales_increase_in_february.htm

Foreclosure Estimates; Worse than Expected

By Sarah Horner
Monday, February 2, 2009

An article from CNNmoney.com entitled, "Flood of Foreclosures; It's worse than you think," Talks about the recent spike in housing foreclosures.

"The National Association of Realtors calculates official housing inventory statistics using data from the multiple listing services. By that measure, there were 4.2 million existing homes for sale in November, an 11.2-month supply at the current sales pace, up from a 10.3-month supply in October.

But now it seems quite possible that these figures, which are already at record highs, are underestimating the situation. And if that's the case, it could take much longer for the housing market recovery than analysts currently expect.

Until supply can be brought down to a more normalized level of six to seven months, home prices will continue to come under pressure, according to Yun."

Click here to read the entire article.