EXISTING HOME SALES ON THE RISE

According to a National Association of Realtors report released today, after many stops and starts in February, sales of existing homes rose 3.7 percent in March from the month before, while
settled property volume of existing single-family homes, townhomes, condominiums and co-ops declined 6.3 percent compared to March 2010.

Lawrence Yun, NAR's chief economist believes "With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain -- primarily because some buyers are finding it too difficult to obtain a mortgage."

He said the upward trending in monthly existing-home sales suggests the real estate market is "clearly on a recovery path."

The median price for existing homes nationwide fell 5.9 percent year-over-year in March, to $159,600. Foreclosure or distressed properties, usually sold at well below the average market price, made up 40 percent of sales last month, compared with 35 percent in March 2010.

Its still a great time to consider purchasing a home with interest rates still very very low and inventory is still very very high AND with motivated sellers.