Signs of Economic Recovery

This week brought many signs that the economy and the real estate market may be recovering from recession. Positive trends were reported in real estate, retail and consumer confidence.
In addition, a report on Friday showed that the pace of job losses slowed in April, as employers shed fewer jobs than in previous months. This is notable since employment tends to be one of the last areas where improvement is seen before an economic recovery takes place.
The positive news specific to real estate points to increased demand for home purchases, and included:

• The National Association of Realtors' index of pending sales rose 3.2 percent in March. The index was 1.1 percent above last year's levels and has risen for two straight months. Pending home sales typically turn into closed transactions.

• According to a Federal Reserve survey of loan officers, demand for prime mortgages was up substantially in the first quarter of this year, for the first time since early 2007.

While it is still early, these "green shoots" are encouraging signs of a brighter future to come. 

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com or http://www.Morris-Townhomes.com or http://www.MorrisCountyTownhomes.com.