Posted on RealtyTimes.com
The panic and fear that have been shaking Wall Street aren't translating into negative numbers for real estate -- in fact, it's been the reverse.
While the Dow Jones index peeled off a record fourteen hundred points in a matter of days, the latest pending home sales index was moving in the opposite direction -- up strongly to its highest level in more than a year.
Pending sales jumped by 7.4 percent in the latest month, according to the National Association of Realtors.
Read the Entire Article HERE...
Ivie's Comments:
This is a great article. Despite the weak economy and problems at Wall Street, real estate sales have increased nation wide.
The media is great at spewing out all the doom and gloom in our real estate market. Thank goodness there is some GOOD NEWS out there.
Here is another part of the article, of interest that I thought was interesting: "Also - although we keep hearing about the global credit squeeze and banks' unwillingness to lend money, that's definitely NOT the case in the mortgage market. There's plenty of money available - as long as you have a solid credit history and some downpayment cash".
I find this to be true, even though loans have still been tougher to get closed. The lenders are still making loans. They are just busy dotting their "I's" and crossing their "T's". However, the deals are still closing!
I have a friend who reviews appraisals for a mortgage company and she has told me that they have been extremely busy lately. She says that they are mostly processing FHA loans, right now... and things are BOOMING in their company.
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