Birmingham area’s housing market showing hopeful signs

I think that things are still not looking too good as I told Dawn for this article:

Dawn Kent reported today in the (click for full story)  Birmingham News:

But it’s too early to say that the nation’s foreclosure crisis is nearing an end. While many of the filings have been tied to poor lending practices to home buyers that weren’t prepared for such responsibility, there are fears that continuing job losses will trigger a new wave of foreclosures among people who have good credit.

Local real estate expert Tom Brander, who compiles a monthly report on home sales, says the month-to-month upticks being seen throughout the spring happen every year, thanks to the seasonal nature of the industry.

To determine whether the local market’s slide is leveling off, he looks at the 12-month moving average on total sales in terms of dollars, and so far, that line is still pointing down.

“We are not reaching anywhere close to previous years and in fact we are continuing to slide, in terms of total dollar volumes and transaction volumes of houses being bought,” he said.

Brander’s May home sales report for the area showed that dollar sales were up 18.6 percent, from $169.7 million in April to $201.2 million in May. But May’s total is still off 33.7 percent from May 2008.

Meanwhile, the Birmingham Association of Realtors’ May report shows home sales rose 8 percent from April to 959 residences sold. But that figure is down 25 percent from a year ago.


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