Santa Maria Homes for Sale - October home sales rise 10.1 percent
Home sales rose for the second month in a row in October, climbing to the highest level in 2 ½ years as first-time buyers rushed to take advantage of an expiring tax credit. Home sales nationwide are now up nearly 36 percent from their bottom in January. At the current sales pace, there is only a 7 month supply of homes on the market.
This information is also in accordance with the National Association of Realtors, who said home re-sales rose 10.1 percent. It was the biggest monthly increase in a decade.
The housing recovery is being driven by lower prices combined with federal programs to lower mortgage rates and bring more buyers into the market. Many experts are saying prices will hit a new low next spring, maybe another 10 percent; this as a result of foreclosures being shoved onto the market. This may certainly be true on a national level, but Santa Maria Homes for Sale are still slim to none because banks remain reluctant to help homeowners who wish to keep their homes.
Home sales are historically likely to drop during the holidays and probably won't pick up again until next year.
Regarding Santa Maria Homes for Sale we will not see an improvement for some time. It means that none of this will get better until banks decide to help homeowners with modification programs. Programs that will help them stay in their homes permanently, not for 6 months or 3 years with a fixed interest rate, rather a solution that is more permanent. I have heard of some programs that will urge banks work with homeowners. There are other factors that are needed to help in the recovery of this recession. An important number is the Unemployment rate. It is over 10 percent on a national level, but closer to 13 percent here in Santa Maria. More on that information will come in a later blog.
If you have any questions about Santa Maria Homes for Sale or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net
Buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better information please let me know. Gene Perez DRE 01321588
