WASHINGTON (AP) -- U.S. homebuilders are feeling a little less pessimistic about the struggling housing market. The National Association of Home Builders said Wednesday that its builder sentiment index rose to 20 in November. That's the highest level since May 2010 and only the second month the index has been at 20 or above in two years. The trade group cited low mortgage rates as a chief factor.
Still, any reading below 50 indicates negative sentiment about the housing market. It hasn't
NEW YORK (CNNMoney.com) -- Existing home sales picked up steam in November, though they are still down nearly 30% from this time last year.
Sales of previously-owned homes jumped 5.6% in November to an annual rate of 4.68 million, the National Association of Realtors reported Wednesday. The report came in slightly better than expected. A consensus of experts surveyed by Briefing.com had forecast an annualized sales rate of 4.65 million.
Despite low home prices and mortgage rates,
The following article was posted in CNN Fri Dec 2, 2010. I have to say as a casual observation, that in Warwick NY market we are seeing an uptick in home buyers walking into the real estate office. Many home buyers are still sitting on the fence, but the activity is encouraging. I believe the report below to be dead on. But I also believe we are near the bottom - buy now.
House hunters are too scared to buy despite low prices
Despite some of the best
F.H.A. Rule Changes for Mortgage Borrowers: NY Times 11/25 reports.
"Home buyers with sketchy credit who are unable to qualify for conventional mortgages may now find it more costly and difficult to obtain loans insured by the Federal Housing Administration."
So my 2 cents - in the short term this may hurt, in the long run this is essential. We can not tolerate the reckless banking practices that got us into this mess.