Posts from October 28th, 2009
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28
Region's 3rd Quarter Housing Market
Region's Housing Market Turned the Corner in Third Quarter
According to economists surveyed by the National Association for Business Economics, the recession, which began in December 2007, has ended. Further, they noted the housing recovery "will gather momentum" and 2010 will be the first year since 2005 that the housing sector will contribute to overall growth. After flattening out this year, house prices, they said, will see a "modest gain of 2% in 2010." Third quarter marked the turnaround point for housing sales in our markets. At Ruhl&Ruhl, for example, we sold and closed on 8.4% more properties during the third quarter of 2009 than during the third quarter of 2008, comparing 1187 sales this year to 1095 sales last year. Pending sales written in September of 2009 and not yet closed were up 23% over September of...
