We Tell it Like It Is

I ran into someone this week that said they wonder how long until the market bottoms. Are you kidding me? I don't think it could get much worse than it has been! Everyone, we have bottomed and we are already turning to go back up again!!

From the Minneapolis Area Association of Realtors:

For the last week in August, there were 965 purchase agreements signed—a whopping increase of 51.3 percent from the same week last year. That's the highest year-over-year increase in pending sales since at least 2004. Home-buying activity is particularly heavy relative to last year due in all likelihood to a) the historically sluggish showing in August of last year as the credit crunch took hold, b) a bevy of buyers taking advantage of the final days of FHA's seller-funded downpayment assistance program, which sunsets on October 1 of this year and (c) new home buyers getting off the fence and taking advantage of the new home buyer tax credit of up to $7,500.