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Home Sales Rose in 2009, Prices down 12%.

Real Estate Caffeine: A Fresh Shot of Today’s Real Estate Market…

Sales of previously occupied homes rose in 2009 for the first time in 4 years. Wow. Finally. They were up about 5% from the 2008.

The bad (for current homeowners) is that prices dropped roughly 12%…the greatest 1 year drop since the Great Depression. Again, wow. This is great news for first time homebuyers…who made up 50% of home sales last year…and I’m expecting them to make up a good chunk of home sales in 2010. But, I should note that it might not be as favorable for first time homeowners if they wait too long…

Here are a couple of notes to make if you are going to be in the market for a home in the near (or even not-so-near) future:

  • The housing market could weaken after March 31, when the Federal Reserve is set to end its program to buy mortgage securities to keep home loan rates low. Once that program ends, mortgage rates could rise.
  • The newly extended homebuyer tax credit is scheduled to run out at the end of April.
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One Response

  1. The housing market could weaken after March 31, when the Federal Reserve is set to end its program to buy mortgage securities to keep home loan rates low

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