SEPTEMBER 2008 Housing Statistics for LEE COUNTY Alabama

The following report is calculated by the Alabama Center of Real Estate. This report, along with more detailed information, can be found on their website: http://arerec.cba.ua.edu/ Are you considering a move into or out of Lee County Alabama? If you would like to receive these monthly reports, emailed directly to you, along with other local area information, feel free to contact me with a request.

Early this month, President Bush approved the bill from the Senate and the U.S. House of Representatives. entitled the Emergency Economic Stabilization Act of 2008. According to Gary Keller, head of national residential real estate franchisor Keller Williams in Austin, Texas, "The market should regain some confidence, and since markets are built mainly on confidence, that's no small thing, In fact it's a huge thing and it's imperative for the market to move forward. But beyond that, we have to wait and see."

Kenneth Riggs, head of commercial real estate analysis firm Real Estate Research Corp., Chicago. adds: "That said, it should give calmness to the financial markets by showing that we will in fact work through this crisis. I don't see the fundamental, or the mechanics, of capital changing right away. That won't happen until we see how this package will actually operate."

Hope on the Horizon? NAR recently broadcast: "pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, NAR's forward looking Pending Home Sales Index shows the Index jumped 7.4 percent in August to 93.4 from an upwardly revised reading of 87.0 in July. The latest Index number is 8.8 percent higher than August 2007, when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4. -What we're seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,‖ says NAR Chief Economist Lawrence Yun."

Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.