Just in case you haven’t seen this yet!

U.S. existing home sales seen at highest since July 2007

Mon Nov 23, 2009 10:09am EST

By Julie Haviv

New York (Reuters) – Sales of existing U.S. homes likely rose for a second consecutive month in October, reaching their highest since July 2007, according to a Reuters poll, as buyers scrambled to take advantage of greater affordability and a first-time home buyer tax credit.

The survey of 29 economists predicted sales of previously owned homes climbed to a seasonally adjusted annual rate of 5.70 million, the fastest pace since 5.73 million units were sold in July 2007 and up from 5.57 million units in September.

Forecasts ranged from as low as a seasonally adjusted annual rate of 5.26 million to as high as 6.00 million units.

Existing home sales tally the number of previously constructed homes for which a sale closed during the month.

The National Association of Realtors will release U.S. existing home sales data on Monday at 10 a.m. EST.

WHAT DOES THIS MEAN? 

·         Rates will trend up

·         Prices on the low end will trend up

·         Supply on the low end will continue to shrink

·         Measurable appreciation has already been observed on the low end

So, this means, now is the best time to be a buyer!  If you wait, prices and rates will go up.  This will result in larger mortgages and payments.  Don’t kick yourself, be a buyer this year!