December 2010

Recent statistics show that that existing home sales got back on an upward path in November. This resumes a trend since bottoming out in July. Existing home sales (as opposed to sales from home builders) rose 5.6%. Lawrence Yun, chief economist for the National Association of Realtors, is hopeful that 2011 will be a better year for home sales. He was recently quoted as saying "Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable." He added that home buyers are responding to improved affordability conditions.  Basically, the combination of low interest rates, low housing prices, and steady…