Home sales rise in parts of the U.S.

Thursday, March 26, 2009

An uptick in new and existing home sales across the country has real estate watchers and economists hoping that the housing market might have finally hit bottom, especially in the South and West regions of the nation. In the South, new home sales rose almost 10% in February, compared to January, and in the West the rise was 6.6%. Joining The Takeaway are two real estate brokers, Ed Snively of El Centro, California, and Ryan Ward of Atlanta, Georgia who have been riding the tumultuous waves of the housing market in both of those regions.

"Ten years from now, that home you buy today, even given everything we're going through, it is my opinion it is going to be worth more than you pay for it today."
—Ed Snively, of Snively Realty Group, on the current housing market


Ed Snively and Ryan Ward


Jen Poyant

Comments [4]

Joe Land

@ Ryan Ward, I'm also the mine what price that will be for the real estate.
Greets Joe Land

May. 30 2009 07:05 AM
Ryan Ward

Hi Jim,
You are correct in your assessment - sort of, but, that is not what we are seeing here. Those of us who watch these numbers carefully are seeing trends that indicate that we will begin seeing consistent year over year sales increases in the coming months. Among the most important reasons for this are: perceived value has returned due to lower prices, affordable loans, lower inventories (we are now at January 2007 inventory levels and continuing to fall) and the simple fact that people have been waiting on the sidelines for literally years now. At some point, lower prices will bring sales. The question has really been at what price that will be. It seems clear now that we are approaching that price. This is a good thing not just for housing, but, because the recession we are in is due in large part to the lost equity in homes.

Mar. 26 2009 09:18 AM
Jim Gordon

Well...at this time of year there usually IS an uptick in housing because it *spring time* and there is *always* more activity. It seems a bit premature to suggest that the end of the "crisis" is near.

Mar. 26 2009 08:39 AM
Wayne Long

Great show! I think they made some very good points that the market is near or at the bottom and with interest rates at historic lows. Buyers should be and probably are back in the market.

Mar. 26 2009 07:22 AM

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