December Real Estate News

I have watched sales at Lake of the Ozarks increase over the past three months and, based on the current activity from buyers, I expect this to continue forward right into Spring.
At the end of November, Federal Reserve Chairman Ben Bernanke, speaking to the Economic Club of New York, described some of the well-known problems standing in the way of economic growth, especially double digit unemployment and consumer confidence that's shaky week by week at best.
But buried away in his speech he said: Housing in the coming year is going to be a relative bright spot - a helpful driver of national economic growth, rather than the wet blanket it's been for the past couple of years.
Think about that: Home sales and new home construction, at least according to the Fed, are likely to stimulate the economy in 2010; enough to generate jobs and help avoid a double-dip recession.
That forecast just happens to track nicely with another that came out last week: Fannie Mae issued its projections for the coming year and predicted that housing sales will jump by 11 percent even in the face of a slow recovery for the economy as a whole.
Meanwhile, scattered reports from hard-hit local real estate markets suggest that there may be some reasons for guarded optimism.
For example, research firm MDA DataQuick's latest report on sales and prices in southern California, found that October sales were up nearly three percent over September, and that prices are rebounding as well.
Now, as is almost always the case, not all the news is on the up side. New home starts dropped by a surprisingly large, seasonally-adjusted 10.6 percent, according to the U.S. Commerce Department however a lot of the decline came in multifamily housing apartment starts -- a volatile month by month index.
Finally into the mix, mortgage rates continue to be the magic potion for home buyers, dropping again further into the four percent range. Homes are at the most affordable in years, interest rates are at record lows and the first time homebuyer credit has been extended along with the addition of a second home buyer credit. Take advantage of these factors to secure a sound investment for yourself.
A brief update on the latest luxury home auction held the end of November. None of the four homes were sold at the auction. Again, I urge you to consult with a professional, knowledgeable REALTOR prior to making a decision on how to sell or buy property.
If you would like a detailed sales report on your specific property type or neighborhood, or would like to ask a lake real estate question, contact Michael at 877.365.cme1 (2631) or cme@yourlake.com View thousands of lake area listings at www.cme1st.com You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com