Sales were up by 7.4% in November due to the tax credit that was made available to first time home buyers as well as the tax credit for current homeowners. The real estate market saw an improvement in the number amount of sales compared to previous months and helped increase U.S. stocks. For example, Dow Jones rose about 51 points which also initiates a spark of growth in the economy.The National Association of Realtors reported that the annual rate of 6.54 million units sold in November was the highest amount in the last two years. There are still many individuals in foreclosure or in default on their mortgage, but we have consumers who are taking advantage of the bank owned homesand making their first purchase or for investors making several purchases. Another statistic found that distressed properties made up 33% of all resale in November.The statistics for next year are under review. After the government credits and historically low mortgage rates begin to rise, there will be a definite change in the housing market. Many real estate agents are optimistic about the sales in 2010. They believe it will be steady because so far they have had multiple offers on homes they are selling. With prices being low, the opportunity to buy has become more available.
There were many people who did not buy a few years ago because they believed that homes were ridiculously overpriced. Those who waited are grateful they did not make the same mistake millions of Americans made. A consumer stated, “We couldn’t find a decent house for less than $500,000. Finally, they [lenders, sellers, appraisers] have come to their senses and are coming closer to the true value of the house and we are able to buy.”