Each day the news keeps getting better and better for all of us who have been hunkering down in the real estate industry. Regardless of if you are looking for a New Condo in Seattle or you a condo developer in Chicago, this is good news across the board. According to a Builder Magazine article from August 17, 2009, it looks like we are finally bottoming out in the housing recession. Specifically the NAHB/Wells Fargo Housing Market Index rose by 1 point in August to 18. This is a complex index, but basically a laymen only need know that this is the highest number the US has seen since June, 2008.
The Builder Magazine article states that the “August Index shows builders’ growing faith in their current situations as well as their hope about their futures. The Index tracking how builders think their sales of single-family detached homes will be over the next six months jumped to 30 in August from 26 in July. And expectations about the traffic of prospective buyers coming through their sales offices and subdivisions rose to 16 in August from 13 in July.” In addition, “David Crowe, NAHB’s chief economist, says that builders’ confidence stems from the success of the federal tax credit at spurring sales to first-time buyers. That credit expires on Nov. 30, and NAHB is engaged in a full-court press to get Congress not only to extend the credit for a year but to offer it to all qualified buyers…The Northeast region showed the biggest boost in builder confidence in August, rising to 24 from 16 in August 2008. The West followed, increasing to 17 from 10; the Midwest rose to 16 from 13, and the South dropped to 18 from 20.
Here at www.newcondosonline.com, we have been receiving much higher home buyer and investor traffic to many of our major metro city pages, including Los Angeles Condos, Seattle Condos, Atlanta Condos, and Austin Condos. This is all a reflection that things are slowly making their way back to normal and we can expect to see more and more momentum in real estate in the coming months. Take a look at all of our new condo listings today on www.newcondosonline.com.