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Real Estate News
Many economists agree that we have seen the bottom of the housing market and can see the light at the end of the tunnel. Pending home sales are up, although prices aren't. Home prices still are declining, but at a slower rate of decline. Pending home sales were up the second month in a row. March sales were up 3.2% over February. This is 1.6% higher than one year ago. Realtors are reporting increased "Open House" attendance. The latest "Census of Agriculture" figures have been released, showing an increase in the number of farms in the U.S. The latest figure shows a net increase of 75,810 farms throughout the US. However, Georgia, North Carolina and Tennessee showed declines and Alabama, Florida and South Carolina showed increases. This reverses the nationwide declining trend, which has existed since world War II. Stimulus plan includes $8000 credit for first time home buyers. Credit is flowing better and interest rates are low. Some lenders have quoted 30 year home mortgage money at 4.5 to 4.95%. Farm mortgage lenders are quoting higher rates, as their funds are acquired by selling bonds on Wall Street, not government backed mortgages. Florida leads the nation in foreclosures with an 8.95% foreclosure rate for the fourth quarter of 2008. The lowest rate in the southeast is North Carolina with 1.31%, followed by Alabama with 1.66% and Tennessee with 1.77%. Georgia's foreclosure rate is 2.54% and South Carolina was 2.28%. Larry Kuka Publisher of "Mountain, Lakefront & Rural Property Guide" visit us online at www.ampub.com or www.farmsandtimber.com. |
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