Welcome good news: A BusinessWeek article last week announced that housing sales in some of the markets hardest hit by the financial crisis have rebounded to levels that have surpassed those reached during the housing boom. Cape Coral, FL, Las Vegas, NV and California’s Inland Empire all saw home sales in February reach rates that were 80% higher than those of a year earlier.
As mentioned yesterday, the vast majority of these sales are of foreclosed homes. The ability of first-time buyers to earn up to $8,000 in tax credits coupled with low mortgage rates and bargain prices have lured many into the market.
It’s great to see home sales increase and the number of vacant properties diminish. However, it is even greater to think of all the people who can finally own their home for the first time.