Looking for some GREAT NEWS to end your week…..well, look no further!

Housing prices are indeed leveling off in many markets. We expect to see a slowing of property depreciation in the ‘first time buyer/ investor ‘ price ranges in some of the worst hit markets. For example, homes in hard hit areas like Las Vegas that are priced less than $200,000 probably won’t lose much more…if any value. So, in some markets…in some price ranges its safe to FINALLY say that prices have reached bottom!

I will say it…THANK GOD!

Please don’t make the mistake of assuming that just because prices have leveled off they will start to appreciate. In all likelihood we are 10+ years away from homes returning to their peak 2006 values.

Here is the article from WSJ.com

Existing-home sales rose in July to their highest level in nearly two years as cheaper prices and the availability of tax credits continued to entice buyers.

Home resales rose more than expected, bouncing 7.2% — the highest month-over-month percentage increase in more than a decade — to a seasonally adjusted 5.24 million annual rate, the National Association of Realtors said Friday. It is the fourth consecutive monthly increase, but the July figure is nearly 28% below September 2005’s record high.

Analysts surveyed by Dow Jones Newswires had expected an annual sales rate of 5 million for July.

“The housing market has decisively turned for the better,” said Lawrence Yun, the NAR’s chief economist.

The NAR last month estimated June sales rose 3.6% to 4.89 million. That figure was not revised.

Foreclosures and short sales reflect 31% of sales in July. “Part of the market clearing process is that distressed properties must be sold, so the fact that this is occurring is good,” MFR Inc. Chief Economist Joshua Shapiro said.

Agents, read that again. Foreclosures and Short Sales were 1/3 of the OVERALL U.S. housing market….in some markets its will over 50% of the market. Learn NOW how to easily list and sell Short Sales. What the heck are you waiting for? You already know that helping homeowners sell their homes via a Short Sale is THE in-demand skill that every agent must have. Watch the FREE Agent Short Sale Secrets video now…and then download the FREE Short Sale How-To Book.

Distressed property sales have pushed prices lower year-over-year, a trend Shapiro expects will continue for some time. “There are plenty more foreclosed [or soon to be foreclosed] homes in the pipeline,” he said.

The median price for an existing home last month was $178,400, a 15.1% decrease from

There are increasing signs that housing markets are coming out of their tailspin, as sales of previously owned homes rose in July. WSJ’s Nick Timiraos discusses housing markets with CEO of Century 21 Tom Kunz.

Previously owned home sales, year-over-year, were up 5.0% from the pace in July 2008, the NAR report said.

Weak demand has kept inventories of unsold homes high, driving down prices. Inventories of previously owned homes climbed 7.3% at the end of July to 4.09 million available for sale.

Realtors, understand that there are still literally hundreds of thousands of bank owned REO homes that will be hitting the markets. Learn now how to become a REO Listing Agent. Watch the FREE Agent REO Secrets video…then grab your FREE REO Secrets book.

“The additional inventory likely is a result of some held back inventory coming back to the market,” Mr. Yun said.

That inventory level represents a 9.4-month supply at the current sales pace, compared with 9.4 months in June.

“The supply of homes for sale remains elevated and this is likely to continue to put downward pressure on home prices in the near-term and dampen any housing recovery,” RDQ Economics’ John Ryding and Conrad DeQuadros wrote in a client note.

Inventories likely would be even higher if more people wishing to sell properties would put them on the market instead of pulling back due to lower prices, economists suspect.

Regionally, July sales rose 13.4% in the Northeast, 7.1% in the South and 10.9% in the Midwest. July sales slid 1.7% in the West.

Housing Bust Nearing End?

The average 30-year mortgage rate fell to 5.22% in June from 5.42% in June, Freddie Mac data show.

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