This article is a must read!!

http://www.realtor.org/research/economists_outlook/didyouknow/dyk101409ss

Today's Real Estate Data

I am finally getting back in to my blog! I was just reading the daily forecast update from the National Association of Realtors. According to the update, mortgage applications are down by 1.8%. This is really surprising given that rates are historically low right now and first time homebuyers are eligible until November 31 to capitalize on the $8000 tax credit. The tax credit sparked a brief surge in mortgage applications, but not as great some expected. It is widely perceived that it will be extended but who knows. There has been a national campaign for realtors to urge there congressmen for such an extension.

In my area, Brentwood, Tennessee, our real estate brokerage has experienced a increase in closings by 22% over September 2008. This is wonderful news for our area and hopefully the increase will remain on the upswing. The Nashville area did not experience the spike in home prices that California, Florida, Nevada and Arizona did. Unfortunately, the media paints a picture that it is the same nationwide and I believe has instilled a fear in buyers and sellers. I am reading an interesting book "The Housing Boom and Bust" which I think is a must read!! The main point of the book is that government regulation has unintentionally caused this current situation over many years. If you read it, let me know your thoughts.

Off to sell some homes, so bye for now!