USED-HOME SALES RISE IN NOVEMBER

Chief Economist for National Association of Realtors, Lawrence Yun, said the market appears to be stabilizing. He noted mortgage interest rates are near historic lows, decelerating price declines, and a modest reduction in the number of homes on the market. NAR President Richard Gaylord said that Congress should expand its efforts to provide affordable finances and suggested raising the limit on conforming loans to help credit-worthy buyers in hard-hit regions such as FL and CA by greatly increasing access to low-interest-rate mortgages. Perhaps now we begin to see a light at the end of the tunnel in the housing market. Editor’s note: Perhaps the best buys will be made between now and early summer, and then “only the pickings” will be left in market inventory. With a national election coming up, perhaps the economy WILL improve and right now the perception is that the economy depends on the rise and fall of home sales across the country.