Monday, May 4, 2009

Market Observation: Consumer Confidence Rises

Photo by bretac on Flickr.

It’s true, the market is on its way up, and if it hasn’t completely bottomed out, it cannot get much worse. Mortgage rates of 4.7%? At these rates, anybody eligible would jump on the opportunity. Based on numerous surveys, people are becoming more confident by adamantly applying for mortgages. In conjunction with the increase in consumer confidence, interest rates are nearing historic lows, and prices have dropped substantially. It would be unrealistic for anyone to think that the economy will continue to drop so drastically, especially since sales and pending sales of homes have increased, and a recent report by NAHB testified that shoppers’ visits to new houses for sale are “on the rise.” Nobody can ever predict the absolute bottom, or the exact top of the market. Now’s the time; things can only get better. In the past, our economy experienced similar signs during a recession before the market made a turn-around. If you have the means, you better hop on the train before it’s too late, because before you know it, the prices of homes will once again sky rocket….

Home Builder Confidence Posts Biggest Gain In Five Years [NAHB]

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