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HBA Market Good News

Dear HBA Member,
 
While the weather outside is dark and stormy, there are several rays of sunshine bursting through for the housing industry.
 
-The National Association of Realtors recently announced that existing home sales jumped 9.4 percent in September. In seasonally adjusted numbers, home sales volumes hit their highest level since July 2007.
 
-Sales activity in the Portland metro area continues to show improvement over same-month sales from a year ago. Pending sales were up 34.1% and closed sales rose 9.8% compared to September 2008 (RLMS).
 
-Home resales are up nearly 24 percent from the bottom in January. This is the largest monthly increase in 26 years.

-At the month's rate of sales, it will take approximately 7.6 months to sell the area's existing inventory, down from 10.4 months last September. This is the lowest inventory level we've seen since March 2007.
 
-September housing starts fell 10.2% in September, and building permits, a leading indicator of future construction plans, also dropped down to 7.8%. This should remove pressure on future inventory levels.
 
One of the major factors influencing these positive numbers is the first-time home buyer tax credit, which is scheduled to expire Dec. 1, 2009. Please help the industry keep this ball rolling by lobbying your senators to extend the credit.
 
According to NAHB, doing so would generate nearly 350,000 jobs, $28.2 billion in wages, salaries and business income and $11.6 billion in additional tax revenues.
 
The first official vote takes place this week. Don't let your voice and the voice of the housing industry go unheard. Click here to contact your senator today!
 
Tom Skaar
2009 HBA President