Real Estate Market Update

Housing in Recovery, an article from Realty Times, reports that despite the recent economic headlines, the real estate sector is experiencing some positive news. Last week, new mortgage applications rose 12% and mortgage rates dropped a quarter of a percentage point. Pending home sales were up from year-earlier levels for the second straight month - up 1.6% from September 2007. Pending home sales in western states were up 3.7% for the month - 39.7% higher than they were at the same time in 2007. Lawrence Yun, chief economist for the National Association of Realtors doesn't expect the housing market to recover overnight. However, believes there will be a "slow, steady, multi-year upward trend." Sales are already up significantly in major markets in many parts of the U.S., such as Phoenix and Minnesota. It's important to remember that the stock market is NOT the housing market.http://realtytimes.com/rtpages/20081118_realestateoutlook.htm