Archive for July, 2009

Some great news released today from ALAN ZIBEL an AP Real Estate Writer…

“The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday show.

Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn’t happened since early 2004, during the boom.

“The turnaround in the housing market appears finally to be here and indeed may be gaining some speed,” wrote Joel Naroff, president of Naroff Economic Advisors Inc.

Stocks jumped on the news, with the Dow Jones industrial average rising above 9,000 for the first time since early January.

Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country.

It was the highest level of sales since last October and beat economists’ expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.

In another encouraging sign, the share of foreclosures on the market is shrinking. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year.”

We are seeing the same trend in activity here in Miami. Let’s hope it keeps up and this really is the turn!

Best,

Jill