Conforming 30-year rates have dropped slightly from last week, but almost every other category experienced an increase. The stock market has reached a close of where it was in Oct, 2008, and seems to be cautiously moving upward. Unemployment is still high, but temporary job placements started rising in Aug, 2009, which historically points to new permanent jobs creation in the 4 – 6 months following the temporary job increase. As consumers and investors start to feel less queasy about the state of the economy, you can bet that the cycle of spending will start again – including in the housing market. It probably won’t reach the frenetic pitch we saw in the hot times of 2003 – 2005, but although cautious, the buyers are re-appearing.
Many financial pundits are saying NOW is the time to buy a home because, it seems, the market has finally defined the bottom. Let’s look forward to seeing stronger sales – and a stronger economy — in New Mexico for this new decade. We’ve had a few more sales this month in Santa Fe (so far) than we had for the same period last year. Be encouraged, be positive, and be creative in your sales and in your life.