Wow, October is really proving to be a monumental month in terms of the stock and real estate markets. In this month, the stock market pierced the 10,000 point mark which is perceived by many to be a sign of potential strength. Also, the real estate market reports were released today which showed that the September sales for existing homes jumped nearly 10%.
This is excellent news because this shows what I have been preaching all along... at the right price point, there is always movement and money to be made. Obviously the bulk of this jump is accounted for by middle and lower-middle class housing markets, whereas the upper end of the market remains soft. It will be interesting to watch what happens to his robust segment of the market once the $8,000 tax credit expires in November, but for now and for the next 6 weeks, I predict that we will have continued growth for housing in the sub - $200,000 price point.
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Its great to see the silver lining in the economy!
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