Naples Real Estate News 05/27/08
NEW HOME SALES RISE
Sales of new homes in the U.S. rose in April for the first time in six months, moving up by 3.3 percent, according to a Department of Commerce report. The median price of a new home dropped to $246,100 in April, down 4.2 percent from April 2007.
MORTGAGES MORE AVAILABLE
The availability of credit has improved "modestly," according to a United States Treasury official, who says the global credit crunch is gradually calming following efforts by the Federal Reserve and other central banks.
HOPEFUL SIGNS FOR REAL ESTATE MARKET
Analysts see hopeful signs for the housing market. For example, some areas, such as Fort Myers, now report sales increases from bargain-hunting buyers who have been lured back into the market. "I think we are at the beginning of the end of the housing downturn, but it is going to be a long and painful end," says Mark Zandi, chief economist at Moody’s Economy.com.
CONSUMER CONFIDENCE DIPS
Soaring gas prices and weakening job prospects made shoppers gloomier about the U.S. economy. The national Consumer Confidence Index’s May reading marks the fifth straight month of decline and is the lowest since October 1992.
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