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A Quick Note
Realty Times is an admittedly upbeat industry website. But that doesn't mean everything it reports is coming out of left field. This week Realty Times quoted top economists as saying that positive signs on employment and national economic growth should start being felt in the housing market in the coming several months.
The Labor Department reports that there were 2.7 million job openings last month -- 200,000 more than in the same survey the month before. Meanwhile, the consensus forecast among private and government economists for gross domestic product or GDP growth in the first quarter is a very solid 3 percent.
This is all hugely important for real estate because expanding employment created by a growing national economy is essential for a return to robust housing demand and sales.
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Market Update for San Francisco*
03/01/2010 - 03/08/2010
Single Family Homes - 45 Sold
· Median Sale Price: $790,000
· 19 Sold OVER Asking Price
· 25 Sold UNDER Asking Price
· 1 Sold AT Asking Price
· There are currently 862 Single Family Homes on the market
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Condos/Lofts/TIC's - 30 Sold
· Median Sale Price: $699,000
· 7 Sold OVER Asking Price
· 18 Sold UNDER Asking Price
· 5 Sold AT Asking Price
· There are currently 1229 Condos/Lofts/TIC's on the market
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*Source: San Francisco Association of Realtors® |
Mortgage Update
After a slow week of economic data, the calendar picks up in the days ahead. We've already seen the housing starts report, and still to come would be reports on the Producer Price Index today, and the Consumer Price Index tomorrow. Keep an eye too on the Jobless Claims report released tomorrow, especially if varies greatly from expectations.
This Mortgage Update was provided courtesy of Miles Grant, with Guarantee Mortgage. You can contact him at Miles@MGrantFunding.com for more information.
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Mortgage Rates
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