News for UK buyers of Orlando property
The volume of home re-sales nationally has been on the upswing for four consecutive
months.
Sales of existing homes rose in July for the fourth consecutive month,
lending support to economists who argue a recovery is near.
Sales of previously owned single-family homes were up 7.2% compared with
June and 5% from July 2008, The National Association of Realtors (NAR)
reported Friday. The monthly gain was the largest on record for
existing-home sales, which NAR has tracked since 1999.
"The housing market has decisively turned for the better," said Lawrence Yun,
NAR's chief economist. "A combination of first-time buyers taking advantage
of the housing stimulus tax credit and greatly improved affordability
conditions are contributing to higher sales."
Low prices
Of course, homes should be selling. Prices have fallen more than 32% from
their peaks, set in the summer of 2006.
“In some recovering markets like Orlando, the demand for foreclosed and
lower priced homes has spiked, and a lack of inventory is becoming a common
complaint," Yun said.
Posted: 21 August 2009
Source: CNN Money
Click here for original article