Ed's Blog

I’m certainly not trying to sugarcoat the fact that our economy is in dire straits. However, most economists agree that in order for the economy as a whole to stabilize, the housing market must stabilize, at least a bit. The first step towards stabilization is unquestionably reducing the surplus of homes currently for sale.

That’s why I find the report out this week, that existing home sales rose by 6.5% in December over November to be a small glimmer of hope. Of course, we’re still below sales from last year, but these sales did help. In fact, they helped quite a bit. The number of homes currently for sale nationally declined nearly 12% from the previous month, which again is encouraging.

As mortgage rates continue to stay near historic lows, and home prices remain discounted, it is my hope that this trend will continue. Now, if we could just do something about reducing job losses….like to zero. Sigh.

Till next time,

Ed