Homes sales recorded in
"The market is slowly creeping back up," said
In 2007, the housing market crashed under the weight of subprime lending, leading to soaring foreclosure rates and ushering in a recession from
"What we're seeing is the housing market getting better and home prices starting to go back up, absolutely," he said. "But it's not a fast recovery."
"Slow is the right word for it," said
Dee said the local home building industry remains steady, although recent permits issued for new home construction in the metro-east are lower than a year ago.
The association recorded 214 permits for new home construction in
Dee said the local home building industry has not come close to the rate of construction it recorded in 2006, the year before the housing bubble burst. Between January and June of that year, 775 permits for new housing construction were issued in
"You can't overlook the fact that we're still way down from 2006," Dee said. "Back then, it was almost free money and everyone who wanted it got it. It was pandemonium back in 2004, '05 and '06. It was just nuts."
Dee said it may be another four years before home building in the metro-east returns to that level
"When you drop that far, there was only one way to go," he said. "And that is back up."
While the number of local home sales slowly improves, metro-east real estate analysts believe conditions are still ripe for buyers.
"Homes are selling faster statewide," Tialdo said in a released statement.
"We are hopeful that this trend will continue throughout the second half of the year."
Greater Gateway Association of Realtors President and
"I'm positive about this market," Suguitan said. "I think that folks and buyers who have been waiting in the market should be taking action now. I think interest rates will start to creep up in the future, just because they've been so low for so long. The only way they can go is upward."
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