It’s no secret that all eyes are on the state of the housing market as the search for the answers to America’s financial crisis continues. This was evident in an article posted recently by the New York Times explaining that the Dow reacted positively to an encouraging report on housing sales.
The report showed an increase of 2.7 percent in new homes sales in September.
As we know, construction of new homes has all but halted, so we are now working toward eating away at the new home inventory, and the current price reductions are prompting that. As Frothing Developer mentioned earlier, if only it were easier to get a mortgage! Reducing the overall home inventory, both new and existing, would happen a lot quicker. We can already see the light at the end of the tunnel – existing home sales are way up with the West, and perhaps Las Vegas itself, leading the way. Let’s hope now that encouraging news on the mortgage front keeps us moving, and that what’s happening in Vegas, happens in the rest of the country.
– Frothing Sherri