Broker: ‘I think we’ll have some small little peaks, small little valleys, but in general we’ll see an upward curve over the next few years.’
By Shaila Dewan and Nelson D. Schwartz
The New York Times
Analysts are hailing the beginnings of a recovery in the nation’s housing market. But to beleaguered homeowners, it will not feel like much of one for many months to come.
The number of existing homes sold rose 2.3 percent in July from the previous month, according to figures released Wednesday. Volume was up more than 10 percent from a year ago.
For several months, economic data and accounts from real estate agents across the country have calmed fears that the overall market could take another big step down, giving prospective home buyers some assurance that prices were stabilizing.
Yet the nascent recovery is still a convalescent one, with the pace of activity uneven and far below the levels reached before the bubble burst. Home prices remain under pressure in many markets.
In fact, Wednesday’s report from the National Association of Realtors showed that average sales prices actually dipped slightly from June to July. This seeming contradiction — increasing demand but anemic growth in home values — could represent a new normal in the housing market, experts said.
Real estate agents across the country cited the weak job market, stagnant wages and tight lending standards as continuing restraints on prices, despite pent-up demand and mortgage rates near record lows.
Also:
The rapidly changing world of real estate: W. P. Carey School offers new online program to help/Sonoran News http://www.sonorannews.com/archives/2012/120822/bus-WPCarey.html
Candidate’s home set for trustee sale/The Arizona Republic
One of Arizona’s largest shopping centers is sold/Phoenix Business Journal
Property manager suspects $1M theft/Arizona Daily Star
Ariz. sweep of mortgage-help funds illegal, judge told/Capitol Media Services
