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By MARTIN CRUTSINGER, AP Economics Writer
42 minutes ago
WASHINGTON - After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.
The National Association of Realtors
said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline.
The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999.
Lawrence Yun, chief economist for the Realtors, said that prices in some formerly hot markets in California
and Florida
were seeing significant price declines now as sellers try to attract buyers.
Analysts cautioned against reading too much into the one-month rise in sales. Many economists are predicting that the steep slump in housing will not bottom-out until later this year after prices fall further and allow huge levels of unsold inventories to be reduced.
"We're not expecting a notable gain in existing-home sales until the second half of this year, but the (February) improvement is nother sign that the market is stabilizing," Yun said.
By region of the country, sales surged by 11.3 percent in the Northeast and were up 2.5 percent in the Midwest
and 2.1 percent in the South. The only region of the country to see a decline in the sales was the West, where they dropped by 1.1 percent.
Sales of existing homes fell by 12.7 percent in 2007, the biggest decline in 25 years. Over the past two years, housing has been in a steep downturn made worse by a severe credit crunch as financial institutions tightened their lending standards in reaction to their multibillion-dollar losses on mortgages that have gone into default.
The steep slump in housing has raised concerns about a possible recession. Democrats are pushing the Bush administration to do more to stem a tidal wave of mortgage foreclosures to keep more unsold homes from being dumped on an already glutted market.
Sen. Hillary Clinton
, campaigning for the Democratic presidential nomination
, on Monday called on President Bush
to appoint an emergency working group on foreclosures to recommend new ways to confront the housing crisis.
"Over the past week, we've seen unprecedented action to maintain confidence in our credit markets and head off a crisis for Wall Street banks
," Clinton said. "It's now time for equally aggressive action to help families avoid foreclosure and keep communities across this country from spiraling into recession."
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This captivating community is a sanctuary, a haven of natural beauty and up-to-date amenities.
The Estero River is a scenic ribbon of fresh water that threads to Estero Bay, a treasured and protected aquatic preserve. Native trees dapple the sunlight along its route, wrapping visitors in the sounds of nature. Egrets and herons tiptoe through the shallows undisturbed while roseate spoonbills sweep the waters for bits of food. During spring mating season the spoonbills are a wonder to watch as their feathers blush pink against the late afternoon sun.
Estero nurtures nature in an area of Southwest Florida that the "native residents"-from deer to raccoons, songbirds to butterflies-call home. People, too, are drawn to this unique destination, attracted by an unhurried lifestyle and top-notch amenities: shopping, healthcare, entertainment, and a thriving business community.
Ideally located between Naples and Bonita Springs to the south and Fort Myers to the north, Estero offers easy access to I-75 and U.S. 41, the area's major north-south corridors. Florida Gulf Coast University, an accredited member of the state's university system, is just minutes away. So is Southwest Florida International Airport, which boasts Foreign Trade Zone status.
Excellent schools, exceptional healthcare facilities, two major performing arts centers, numerous museums and art galleries, unlimited recreational opportunities and a wealth of housing options are all available in the Estero area. Year-round sunshine perfectly complements the numerous golf courses, tennis courts, miles of bike paths, canoe and nature trails-and, of course, the shimmering Gulf of Mexico, just minutes away.
Estero is prepared to welcome you, your family, your business and your employees with attractive wages and cost of living, an incomparable lifestyle, and a family oriented community with hometown values.
Rapidly growing commercial, retail, family residential and executive communities
Churches, civic services and charitable organizations
Recent Estero Reports
Understanding Your Credit - Understanding Your Credit can mean the difference of owning vs not owning!
Mortgage Funding Info - Mortgages for commercial deals can be funded if you know how to write a successful presentation.
Credit Info - Your credit score is based on the information contained in your credit report.
Fico Scores Effect Purchasing - FICO® scores were developed by Fair Isaac & Company, Inc. for each of the credit repositories.
Property Rights - You have a right to do with the land as you please, subject to restrictions imposed by law.
Real Property Definition - Real property is generally defined as land and the things permanently attached to the land.
Property Investment - Is Real Estate A good Investment? This report will try to answer that question.
Property Trust(s) - The REIT Story Real Estate Investment Trusts (REITs) were created by Congress in 1960 but played a very limited role in real estate investment for more than three decades.
Negotiating a Contract - If the terms and conditions of the deal aren't acceptable, you might want to pause and think twice.
Estero Real Estate Negotiation - Negotiating a purchase agreement is perhaps the trickiest aspect
of any real estate transaction.
Property Inspection - Regardless of what the inspector may uncover, you shouldn't be
overly concerned about the actual home inspection
Pick An Offer - Picking among several offers isn't always as easy as choosing the highest price, especially in hot markets.
Open House Expectations - Was vacating your home for four or five prime-time hours worth the
inconvenience?
Your Open House - Public open houses may be more beneficial for the
agents themselves than for the home sellers.
Marketing Info - Your broker's marketing efforts and considerations will
include advertising, showing the property, how long the house has been on the
market and whether you're buying another home.
Listing Estero Real Estate - A listing agreement is a binding legal contract that shouldn't be taken lightly.
Selling My Property - The age-old observation that "you never get a
second chance to make a first impression" certainly applies when it comes to
attracting buyers to a for-sale home.
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This captivating community is a sanctuary, a haven of natural beauty and up-to-date amenities.
