Home Market Shows Encouraging Signs!

  Home sales rose for the third consecutive month in June, a promising sign that the market is stabilizing.  Home sales last month rose 3.6% with gains seen in all regions of the US, according to the National Association of Realtors but overall home prices continue to decline.  The inventory of homes for sale dropped, meaning there is less homes on the current market.    Compared with a year ago, the number of homes on the market is down 15%.   The housing crisis seems to be moderating.  Home prices, however, are being dragged down by the number of foreclosed homes.  First time home buyers accounted for 29% of home sales, and 30% of the homes sold were distressed properties.  It’s too soon to say the market is turning around, foreclosure rates are still high but the numbers are giving hope to a better housing market to come.  The tax credit of up to $8,000 makes the time to buy a home NOW, the credit  will soon expire in November.