While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors.
But, not all markets will see the same improvement. Phoenix is expected to show the most gain due to a reduced supply and a strong economy. Here in Nevada the supply is also down in large part due to the overly restrictive new law, AB 284. When the banks finally figure how to deal with the law it may open the flood gates and again lower the prices.I personally think the real estate market will quickly heal itself as soon as Washington gets its house in order. Read more: http://www.usatoday.com/money/economy/housing/story/2012-04-01/spring-home-buying/53935318/1 And for more on Nevada real estate.