SIGNS OF A TURN IN THE HOUSING MARKET

(prHWY.com) July 17, 2012 - Albany, NY -- After several years of false hopes, evidence in accumulating that the housing recovery may actually be happening. Prices are rising, sales are increasing and home builders are clearing lot and starting construction.

Bidding wars are no longer non-existent and houses selling above asking price are happening more frequently. This is definitely much different than what we've seen over the past few summers, stated Realtors in NY.

What happens next is likely to be somewhat disappointing. The pace of recovery will likely be slower and the prices of homes will either remain the same or decline slightly. Millions of people still owe more on their homes than the homes are worth and still face disclosure.

However, experts believe that roughly six years after the housing market began its longest and deepest slide since the Great Depression, the end has finally come. Realtors in Albany believe that the market is recovering and that it's not going to get worse. "It feels like we've hit bottom and we're finally starting to come off that bottom" states real estate agents in Albany.

The data is all positive. Sale prices for existing home rose in April for the first time this year. Several other measures show that price increases began in February. In addition, the pace of new construction has increased. The Capital Region Multiple Listing Service said that pending home sales climbed to the highest level since the end of the federal tax credit for first-time home buyers in September 2010.

With each passing hear, an eventual recovery is bound to happen. With prices falling and the economy on an upswing, the expanded pool of potential buyers has increased. With the addition of Global Foundries in Malta NY, homes for sale in Malta and houses for sale in Saratoga Springs have increased over the past twelve months.

Government efforts to help homeowners has also increased, allowing more borrowers to refinance and avid foreclosure. The combination of rising rents and low mortgage rates is a powerful inducement to potential buyers. "Compared to a lot of other investments out there, real estate looks pretty good right now" states Realtors in Albany.

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