The housing news that came out today smashed the financial optimism on Wall Street. It doesn't look good nationally, but opinions differ around the financial world exactly how bad these numbers are. If you read my blog you know what the ARMLS numbers were in June. They were better than last June, and they were better than May. July won't be better than June, I don't think, but it will be better than July 07. That is improvement. Here is another interesting note from Jim Kramer of CNBC. He was not exactly an advocate of housing earlier this year. Not all people are looking at housing like the pariah anymore. There is a backstop with the housing bill that was passed, and there is even a decent tax credit for first time homebuyers of $7500.
Again, our market is a lot better than other markets, such as many in California, and we should consider ourselves to be in a market that is likely to recover quickly. Once we are able to shave 10K to 15K listings off our inventory, prices are going to firm up. With rates starting to rise, fence sitters are going to start getting nervous and will know that avoiding interest rates over 7% are better than the few thousands they think they may save by waiting to buy. This will happen.
Middle of the week quick read: There are nearly 7500 pending sales and almost 1500 AWC contracts out there...Sales should surpass 5000 for the month of July. Actives have fallen back into the 52800 range, and we may see them drop again at the end of the month into the 51000's.
chris
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