Roger Showley of the U-T reported this week that the average price of homes inched a up for the first time since June of 2006. Wow, it’s been a long time since THAT happened. I know that prices within the city peaked in November of 2005, exactly four years ago.
Low interest rates, along with the first-time homebuyer tax credit have helped immensely to stop the real estate free fall. 2009 looks like it was a lot better than 2008.
2010 will be interesting. The Fed is going to stop its purchase of mortgage backed securities by March 31, and the first-time homebuyer credit is set to expire on April 30. HUD has decided to keep the temporary (higher) loan limits on conventional loans in place through 2010. No one has a crystal ball, but 2010 has the potential to be bumpy.