Market Update

Finally some better news and a brighter forecast was offered in the Dallas Morning News on November 23rd. That was very nice of the newspaper to print something positive for a change! Of course on the same page is the headline that the Mortgage Losses would be close to $300 Billion!

It is predicted that the Dallas area homes will increase about 3% in prices over the next two years while other areas are declining. The PMI Group indicates that DFW area home prices have less than a 10% chance of falling! How risky is our housing market? Markets with the least risk of home price decline, based on price appreciation, economic growth and affordability, Dallas/Plano rated 95th! Another home price index of Case-Shiller put Dallas with a .5 percent increase over the last year and compared to the national decline, that is great! Fannie Mae & Freddie Mac are saying that home prices in the Dallas area are still gaining ground and indicated that we had increased 5.01% for the first half of 2007.

The number of sales in the DFW area is down 7% compared to 19.1 percent for the rest of the country. It appears our prices are what is holding or going up. On a negative note, the increase in prices may be the result of adding in closing costs into the price for the seller to pay for the buyers! “Going into 2008, I see it as a year of opportunity, “ Lawrence Yun, economist for NAR has stated and I do agree!

Even some mortgage interest rates are dropping below 6%, so we do have great opportunities in our area! Call us for details and let’s see what we can do together.