On September 23rd, we received some more good news regarding the Fed Fund Rate. It will stay the same. Additionally, the Fed reiterated plans to support the mortgage market to the tune of $1.5 trillion. This is good news for the housing industry. Signs of stablization and great opportunity for both buyers and sellers. In my opinion, this is much needed to get us back on track.
The fed confirmed its plan to hold the funds rate near zero percent "for an extended period" even though they acknowledged that the U.S. economy is "picking up following a severe downturn". They feel financial markets need to improve more before considering a Fed Fund Rate increase.
Yes home prices are on the rise nation wide. In July, they increased 0.3%. The housing market is holding its own. I feel it will continue with a few bumps along the way.
Home prices and sales in Long Beach vary greatly depending on the area in which you live. There is a good sign that we have weathered one of the greatest downturns since the great depression. Foreclosures are down. Inventory is steady and people seem to be more optimistic about the future.
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Dave Harbison
Long Beach REALTOR®
Coldwell Banker Coastal Alliance
(562) 494-4600 ext 2281
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Long Beach Realtor® / Real Estate Agent
Long Beach Homes for Sale, Condos and Investment Properties
Long Beach Relocation Expert
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Labels: Belmont Heights, Fed Fund Rate, Home Prices, Long Beach, Mortgage, Real Estate
# posted by
Dave Harbison @ 8:59 AM
