Notes and Opinions from one of Arizona's Most Trusted Loan Teams

Existing-Home Sales Rise as Prices Plummet
Washington Post (03/25/08) P. D1 ; Lengel, Allan

The National Association of Realtors reports that sales of previously owned homes rose an unexpected 2.9 percent in February as buyers took advantage of the large supply of properties on the market that were available at low prices. Sales in February, still off 23.8 percent from a year ago, came in at a seasonally adjusted rate of 5.03 million units, compared with 4.89 million in January. NAR chief economist Lawrence Yun sees the surprising increase as a sign that the market is stabilizing, adding: "The only thing that may hold the housing market back is the consumer-confidence issue."

Arizona, along with five other states continue to struggle with the statewide designation of "declining market". If this news from the NAR holds true in our market, maybe we can all look forward to a new designation as a "stable" market soon. As always, if you want to look into how you can avoid problems or take advantage of the current market, don't hesitate to call us. Also, don't hesitate to add your comments to our blog.

Jon Laird, VP  602-230-9882 or 888-562-6063

eMail:  jlaird@sterlingmortgageloans.com