Encouraging news as existing home sales were up 7.7% last month. This shows that more home buyers are being drawn in by the appealing home prices and mortgage rates. Ron Phipps, President of NAR wrote a statement saying "All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation." Ian Shephardson stated, "this is all welcome, but it should not be mistaken for evidence that a real recovery is beginning." Hopefully inspired buyers will continue to come out of the wood work with the current market conditions being so appealing.
To read the complete article from CNN Money, follow this link: http://money.cnn.com/2011/09/21/news/economy/existing_home_sales/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29
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