National New Home Statistics Came Out Today
The Commerce Department released numbers today that were somewhat promising considering everything that has been going on in the economy. They reported that new home sales increased 2.7% in the month of September. The home sales in Cabot did not show that, but the national numbers are still promising.
Last week existing homes sales numbers were released for the month of September. Existing home sales were up during the month of September 5.5%. That is the largest monthly gain in over 5 years.
Many economist agree that a single month gain does not signal a bottom for the housing market. One thing to remember is the sold homes in September were sold before the financial meltdown. Unemployment is expected to rise and home sales are expected to stay down for some time.
Having single month gains are still better than losses. The economists are probably right in saying that we still have a little while before we are at the bottom; however, if you feel comfortable in your job security and finances now is a good time to buy a home.
I am not trying to sound like a used car salesman. I am trying to let people know that if they feel comfortable in buying, looking at foreclosures is a smart idea. There are some great deals to be found if you spend the time to look for foreclosures and be patient. Some may need some work done to them, but we have seen some foreclosures that are in excellent shape. The main thing to remember is to be patient and you will find something.
Good day