Home sales are down!
Home sales are up!
Which is it? Are they up or down? Obviously whether or not they are up or down depends on the market or locale that is being measured. We all know that each real estate market is driven by certain events that may or may not be related to those driving other markets.
From what I have seen in my local area, we still have a glut of empty homes, both new never lived in homes and foreclosured homes. Until we can get someone living in the places, our market is going to stay fairly depressed.
Some state and local governments have taken steps that definitely make it harder for investors to buy and sell real estate.
I heard on the radio that the end of the $8K credit for new home buyers has put a serious halt to home buying across the country. I also heard that in Detriot, the city is knocking down older homes, in order to keep the prices up. In Las Vegas the county is paying contractors to build new homes, just to keep some type of construction employment going.
What is going on in your makret?