Of the 3.48 million homes sold in September, 32% wereÂ first-time
home buyers. With more and more people entering the market,
theÂ persisting obstacle for most is still the restrictive lending
environment. In a
plea to banks and policy makers, NAR President Ron Phipps said, â€œWe needÂ to remove the roadblocks to a housing recoveryâ€”not place more obstacles in theÂ way of financially qualified buyers.â€
With an increasing demand and shrinking inventory, it isÂ hoped that banks will begin to see the market potential and start to lend to otherwise creditworthy home shoppers, opening the road to a more rapidÂ recovery. While consumer confidence still remains at all-time lows, retailÂ spending increased 1.1% last month, a positive sign of growth fueled by the approaching holiday season, which could propel the U.S. into a promising new year.
In Ann Arbor, we are experiencing shrinking inventory, 4Â percent
price appreciation through the third quarter.Â We will see what the year
end brings, but I bet it will be a total price increase of at least one
percent like we had last
year.Â We will post the Ann Arbor RealÂ Estate Market Update this week.
Stay tuned for our First Time Home Buyer Round Tables inÂ January, February and March to be help at Liberty Title in Ann Arbor on PackardÂ Rd.Search Homes on Your Mobile
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