For 3 straight months, existing home sales have been up.  A very good sign that we are moving forward to get ourselves out of the housing slump that we have been in.  Sales went up by 3.6% in June for a total of 4.89 million units being sold during the month.  The median and average sales price of home has gone up, though still down, 15.4 and 11.8 percent respectively.

So what does all of this data show?  It tells us that with all of these “Distressed Sales” are getting people back into the market.  Whether it be purchasing a short sale or a foreclosure, individuals are buying (more…)

The head of China’s central bank said Monday the country’s economy was on the mend and expressed confidence that a government target of 8 percent growth this year would be met. Zhou Xiaochuan, governor of the People’s Bank of China claimed that the economy was on a upturn. Beijing has sought to insulate China from the global recession with a 4 trillion yuan ($586 billion) stimulus plan that calls for higher spending on construction of highways and other public works. Beijing is the world’s largest holder of U.S. debt, which it purchases with its vast foreign currency reserves.

Although Zhou feels that the econmy of China is stabilizing and is actually taking a turn for the better, can we really take his statement literally?

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As many of you may know the interest rates have gone up!  On Thursday the interest rate for a FHA 30 year fixed non jumbo product with no points went up to 5.875!  It was about 4.75% for the exact same product.  You can take a look at the attached rate sheet to get further details.  Clearly this is alarming due to the need of interest rates to remain low so that people continue to purchase!

What is also shocking is that November 30th the $8,000 home buyer credit will be ending!  As many of you may know their are income limitations with getting this money as well!  A single individual can not be making more then an adjusted gross income of $75,000 and a married couple can not make more then (more…)

The Leading Economic Indicator gained by 1.2%, which is amazing!  This was the second month in a row that increased in 2 YEARS!  What does this mean?  It means that we are going to be seeing this recession, which we are currently in and are tired of, ending closer to the end of this year.  What is causing us issues though are these HUGE job losses.  Most economist believe the unemployement numbers will continue to get worse until they get better.  Specifically, the unemployment numbers will worsen until the second quarter of next year.  Unemployment continuing to increase will continue to stomp growth from occuring and reversing our current situation.

May’s unemployment was at 9.4%, and the highest it has been in recent years was (more…)