Chicken Little’s “The Sky is Falling” is everywhere in the papers. I figured a little positive press would be welcoming.
People are buying homes!
January is the 8th consecutive month of increased sales comparing months year to year. January 2009 had 4742 closings that is a 63% increase over January of 2008 with only 2912 closings.
January 2008 was the slowest month for closing in the past 8 years. I don’t expect we will see that 63% increase again next month. Time will tell though.
The closings in January and in the past few months are more comparable to those in 2001, 2002 and 2003. This is all good news, there are still a lot of homes on the market and hopefully, we will see the inventory start to lower as well, when that happens prices will stabilize.