The housing market is starting to recover. Prices are rising. Sales are increasing. Home builders are clearing lots and raising frames. The trend is clear in the data. The widely respected S.&P./Case-Shiller index reported recently that sales prices for existing homes rose in April for the first time this year. Several other measures, including a seasonally adjusted version of the index, show that price increases began in February. The pace of housing construction has increased. And the National Association of Realtors reported that pending home sales climbed to the highest level since the end of a federal tax credit for first-time buyers in September 2010.
Due to low prices and the relative weakness of the dollar, international buyers continue to identify the U.S. as a desirable place to own property and make a profitable investment. According to the National Association of Realtors' 2012 Profile of International Home Buying Activity, total residential international sales in the U.S. for the past year ending March 2012 equaled $82.4 billion, up from $66.4 billion in 2011. Total international sales were evenly split between non-resident foreigners and recent immigrants. In addition, many recent immigrants view homeownership as an important accomplishment. They believe that being a homeowner is one of many ways they become established in the U.S. and attain stability, security, and a sense of community.
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Sheila Newton Team
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C. Dan Joyner, Realtors