Real Estate Market Update July 2009

More Americans signed sales contracts to buy homes in June than in May, the fifth consecutive month of increases, according to a report released Tuesday.

The National Association of Realtors said its Pending Home Sales Index rose 3.6% during the month. That was 6.7% higher than June 2008. It was the fifth straight month of increases, the first time that has happened since July 2003.

The report followed several other recent pieces of good news for the housing industry, rise in new home sales, a rise in existing home sales and the first home price increase of 1.4%. That doesn't sound like much, however to put it in prospective home prices dropped by 18% the same time 12 months earlier.

Industry experts were predicting only a .7% increase.

Low interest rates and more affordable housing choices are fueling the activity.

Affordable housing sales have been the driving force of the market, an indication that the Obama stimulus tax credit, worth up to $8,000, is helping perpetuate this increase in market activity. TIME IS RUNNING OUT for you to take advantage of this once in a life time opportunity.

It will take as long as two months to close on a home after signing a contract, Buyers must take action now to take advantage of the $8,000 tax credit because they must close on the sale by Nov. 30."

To find out how you can get in on the action call Art now at 847-847-8964 or to email me.