It appears that the tide is beginning to turn in some markets. According to our National Association of Realtors, sales of existing homes rose to its highest level in 13 months, and had the highest percentage increase in five years for statistics ending September 2008. This increase resulted from buyers responding to improved housing affordability conditions and low interest rates. All indications point to this trend continuing as interest rates remain low and housing prices continue to stabilize. And with the $7500 tax credit that is available to qualifying buyers who close by July 1, 2009, we should see these numbers continue to improve as long as there are no additional economic downturns.
