Existing Home Sales Soar In April

Home sales jumped as a result of the April 30th deadline for the government grants. The winter storms took a lot of momentum out of the market but just before the deadline we experienced a surge. (click here) Since the deadline we have experienced a mixed bag of activity, some areas and price ranges have continued active while others have definitely languished. I expect to see a little more stabilizing occur over the next few months as our economy continues to improve. In the meantime, interest rates are still a great bargain, in fact one analyst pointed out that the lower rates we are seeing now could actually equal the $8,000 grant if new buyers remain in their homes for the next 4-5 years.