Real Estate has a lot of conflicting reports these days but overall appears to be on the upswing

Gloom and doom reared its ugly head as real estate sales reports declared a 2.7% drop  in August, however, if you read between the lines the data isn’t as disappointing as one would think.  The two biggest highlights of real estate sales in August are:

  • August sales are up compared with last year, 3.4% compared with August 2008.
  • August 2009 had the second highest sales figures of 2009

Hand in hand with the negative news is more positive news, mortgage rates dropped again last week leaving 30 year rates hovering at 5.04%.  There is still time to take advantage of the first time home buyer tax credit and lobbyists are hard at work trying to get the tax credit extended, as well as amended to include all home buyers.

The reality of realty is that while the recession may be over or nearing its end, recovery does not happen overnight.  Real estate sales are improving with dips in data here and there.

Click here for more information on August real estate sales and a look at an article recently posted in the New York Times.