CNBC : Jump In Housing Sector But Still A Buyer's Market

Posted: December 27, 2006 4:57 pm.

Real Estate News:12-27-06
CNBC’s Closing Bell today reported that there was a 3.4% jump in the housing sector last month, that is better than expected and the third increase in the last 4 months. But the Mortgage Banker's Association reports mortgage applications tumbled 14.2% last week. That’s the lowest level in nearly 5 months as rising interest rates put the breaks on home refinancing.
The CEO of Coldwell banker, Jim Gillespie, said he believes we’re going to continue to see a buyer’s market until “excess inventory is burned off”. Remarking upon the unexpectedly strong housing data, he would only say that hopefully we’re seeing a bottoming out of the real estate slump, although sellers need to be aware of the competition and price their properties well and make sure the property is in good condition inside and out.
The markets hardest hit are the markets that have benefited most in the last five years, such as California and Florida. The National Association of Realtors reports an excess inventory of 7.4 %, Gillespie added, and an “even supply” is 6%.
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