Real estate reports vary across the country right now. In some places, you will read that the real estate industry is still very much alive as a result of low prices. In other places, you may read that the market is at an all time low, and people just aren't buying homes. So, which is true?
Both situations can be occurring, depending on where you are in the nation. Cities in the South like Atlanta, Charlotte, and Austin are doing well in real estate as a result of relocations, and investors sweeping up foreclosures. In states like New York and California, mortgage applications are up, but home sales are down which is an indication that people are seeking property to purchase, but can't qualify for financing.
If you want to know what the true perspective in your market looks like, call up your favorite Realtor, and ask for a area market survey, or market report. Markets vary by location. If you only read the national media, you may miss something that's happening in your own backyard. Happy Monday!
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