Category: John Dixon Associates News
Posted: 5/9/2012
More evidence of a strengthening real estate market
By John Dixon
I've been saying for quite a while that the real estate market seems to be growing in strength. We've been seeing an increase in the number of bidders coming to our sales -- and in the aggressiveness of their bidding. That's translating into positive results for our sellers, most of whom are lenders.
The Wall Street Journal even ran an encouraging story recently about some anecdotal cases in which homeowners are actually getting multiple offers on their homes. Even some of the statistics are improving -- especially the backlog of homes for sale, which has dropped to 6.3 months, according to the Journal -- down from more than 11 months at the peak.
That may not be quite as good as it looks, unfortunately, because not all of the homes are selling. The Journal noted that some sellers are simply taking their homes off the market, hoping for higher prices down the road. And the foreclosure picture is still ugly, with lenders owning 450,000 foreclosed mortgages as of the end of March, and another couple million in some phase of foreclosure. Finally, while interest rates are at record lows, banks still don't have a lot of money to lend. 
In short, it's not time to break out the bubbly just yet.  
Still, a ray of light is a ray of light.  
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