From George C.

Existing homes sales rose by 2.4 percent in May, posting the first back-to-back gain in sales since September 2005. That’s the word this morning from the National Association of Realtors. The group says favorable affordability conditions have buyers bidding on reduced-price homes. The $8,000 tax credit being offered to first-time buyers is helping to spur activity. By the way, legislation is pending in Washington to raise the tax credit to $15,000. Existing sales in the West lagged the overall nation. Activity here actually declined 0.9 percent in May but the pace was 11.8 percent higher than a year ago. Prices in the West are down 30.6 percent in the past 12 months.


Another report out this morning from the National Foundation for Credit Counseling paints an amazingly negative picture of the housing market.

Almost one-third of people surveyed — 72 million people — do not think they will ever be able to afford to buy a home.

And, 42 percent of those who once purchased a home, but no longer own it, do not think they will ever be able to afford to buy another one.

“It appears that whether a person was directly affected or not, Americans’ attitudes toward homeownership have shifted,” said Gail Cunningham of NFCC. The program also found that 74 percent of those who have never purchased a home felt they could benefit from first-time homebuyer education.

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, which began in September, 2005. Stick around!

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