It’s January 3, 2012 and we hope you had a great New Years! In 2011 the real estate market had it’s ups and downs, but the year closed with positive housing market data!
The National Association of Realtors announced that it’s pending home sales index rose 5.9% from November 2010. This index tracks homes under contract, not the sales themselves, and has no been this high since April 2010! NAR also says that existing home sales rose 12.2% since November of last year.
Forecasts by Fiserv and the National Association of Realtors say prices will start rising in early to mid-2012. The NAR reports sales already have turned around with a dramatic 17 percent gain in the third quarter.
Lawrence Yun, NAR chief economist says "November did reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead."
Also on the bright side, mortgage rates end year under 4%! All fixed mortgage rates finished the year near all-time lows, with the 30 year home loan at 3.95%. Freddie Mac says the rate for 30 year fixed mortgage has been at or below 4% for 9 consecutive weeks and only twice did it average about 5%.
2011 may have been good, but 2012 is looking to be even better!