Florida Home Buyers and Investors Blog

March 26th, 2009 2:31 PM

On Monday, the National Association of Realtors said that existing home sales rose 5.1% in February to a seasonally adjusted annual rate of 4.72 million units from a rate of 4.49 million in January.

Last week, the Commerce Department reported that initial construction of new homes surged 22% in February to a seasonally adjusted annual rate of 583,000, up from a revised 477,000 in January. It was the first time housing starts increased since June.

Meanwhile, a report from the Mortgage Bankers Association showed Wednesday that the number of Americans applying for home loans jumped 30% last week, driven mostly by applications to refinance existing loans. 

First time home buyers are increasingly taking advantage of the $8,000 stimulus incentive and low interest rates.  FHA loans account for the majority of first time buyers.

The time we will find the bottom of the Housing Market is long after we are on the upswing.   I wonder?  are we there?

Posted by Craig Fialkowski on March 26th, 2009 2:31 PMPost a Comment (0)

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