Market Commentary - Weekend of March 26, 2010

This week, interest rates rose slightly due to worries about the extent of government borrowing, and signs of a quicker recovery continue to create mixed reactions throughout the market. No surprises there.Focusing on positive news, home prices are extremely attractive, rates remain at historical lows, and tax incentives are still in place. It’s important to lock in your deal by April 30th to take advantage of these tax incentives. Overall, it’s an outstanding buyers market.It’s also worth mentioning that home values are on the rise, homeowners are once again upgrading kitchens, baths and patios, and there’s more help for first-time buyers than ever before. Bright minds are continuing to work at solutions to spread out or stop pending foreclosures, and loan modifications are steadily increasing. Bank of America is taking a bold, strategic move reducing principal on a significant number of loans. This should forestall a number of foreclosures and offers B of A much needed public relations value. Short sales are also getting a boost in the form of government incentives which is good news for our real estate partners.Want to hear more positive news? Give me a call. It’s a great time to buy a house and we expect to have a very busy Spring and Summer