It seems more and more we are getting news that paints a picture of a fragile recovery in the real estate market. I’m more of a the-glass-is-half-full kind of guy, so I take any sign of recovery as welcome news. Lawrence Yun, NAR chief economist put it better than I ever could below. You can hear the optimism in his voice.
“Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”
I also find it interesting that all-cash home sales reached record market share (35%) in March. This of course is indicative of people having trouble getting financing (they should have called me), but again we can see a silver lining here. As the recovery takes hold, and the credit markets thaw, the option of financing will be more available, and home sales will be fueled as a result.
What do you think?