1st Quarter Real Estate Update

by Joe Sesso on April 22, 2011

If you saw my video posted in January, “The 5 Things you can count on for Real Estate in 2011,” www.youtube.com/jsesso, I mentioned that sales would go down. Surprisingly, I was wrong…so far. The number of transactions are actually up from last year says the National Association of Realtors. In fact, transactions have been six of the last eight months versus last year. Lawrence Yun, Chief Economist of NAR said that “…We are clearly on a path to recovery based on six of the last eight months of increased transactions.” Not so fast.

Although transactions are up, prices are still falling. That’s the bad news. In Chicago, prices are down 8.6% from last year. In some cities, like San Francisco, they are seeing a recovery of sorts. Most cities, however, are still stagnating. President Obama said on Wednesday that the housing market is the number one reason why the economy is dragging. Out of the woods yet? No way. But there has been progress. That’s a good sign.

Look for my 1st quarter update video, which will update the entire 5 things in the coming weeks on my You Tube channel. www.youtube.com/jsesso. Subscribe today!

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