San Antonio, Central TX: Markets Showing Their Strength to Overcome Recession

News of the recession coming to an end has been getting more and more buzz these days as people talk about various improvements in the market. I would certainly agree myself that 2009 has shown a much more favorable outcome than that of previous years. However in reading some comments and other blogs I've noticed that there is a disbelief about the markets recovery. In the words of Steve Morris CEO of Exit Realty Corp, International, the "storm has passed." There are several reasons to why I would agree with this myself.

Here in San Antonio, we have seen some noticeable improvements within our markets here. I've blogged about these improvements numerous times and have provided those links below.

- "The Storm has Passed!!!" "An Active Rain Newbie Contest - Fall into Blogging as Fall Approaches".

- San Antonio, Central TX: Quick Market Updates for the Week

- Pending Home Sales and Affordability Making a Run for the Top!!!

- SURGE in Home Sales!!! ^ 9.6% in July!!

In looking at the markets this week progress can still be seen. Mortgage rates for 30 year fixed rates have remained below 5% for the third week in a row making the affordability for buyers optimal. Lets not forget the great condition this creates for investors as well. Real estate investment is a particular strong suit with Pleasant Realty, and if there is any questions you may have on this topic please feel free to contact the office at 210-829-5778 or e-mail micah@pleasantrealty.net for questions you might have.

Although mortgage application fell slightly last week 1.8%, re-financing rose during last week. According to the MBA (Mortgage Bankers Association), they are projecting existing home sales in 2010 to rise 11.2%. In addition new home sales are projected to soar 21% higher than 2009 levels. To put the cherry on top of the cake, the National Association of Realtors reported that the volume of existing home sales was down to 3.6 million from 4.3 million 12 months ago.

I'm comfortable in saying now that the market does appear to be wakening from its slumber, but that doesn't mean that I'm saying there isn't a long road of work and repair needing to be done. We are a long ways as a nation to coming out of this hole that we dug ourselves. It is going to take a group effort to bring it full swing. God bless to all and have a wonderful week!