Even though the economy is not doing so well, not everyone is in economic strain. Those individuals who have not dramatically been affected by the economy have continued to make purchases. For those individuals, right now is the best time to purchase properties because of the declining home prices in many neighborhoods. Unfortunately, for those who bought their homes at extremely high prices are suffering the consequences now, while first time home buyers are finding opportunity to finally become home owners.
Tax credits, affordable prices and low mortgage rates are a few of the reasons home sales are rising. These circumstances have caused financial difficulty for consumers who are stuck with their ridiculously high mortgage payments due to the outstanding price they bought the home for before 2009. Consumers who have been waiting for the market prices to drop are benefiting from the programs that are now available.
The Northeast region is up by 20 percent in home sales for the month. Midwest has an increase of almost 12 percent and in Southern areas home sales were up by 5 percent. The western region was not as lucky, they have a decline of 11 percent.
According to HUD and the Census Bureau, newly constructed houses have an increase in sales by 6.2 percent. Sales are 31 percent higher than they were in the beginning of the year. Mortgage rates are dropping below 4.3 percent; this is a positive contributing factor to the sales of homes as well. This is good news for potential home buyers, the economy and the Real Estate market. If the Real Estate market picks up, the rest of the market will gradually follow.