10/19/2008: "Home Sales Are Up"

Pending home sales around Western Washington have increased for the first time since February of 2007.

During September the number rose to 4.1 percent from a year ago, reversing a 19-month pattern of declines. Members of Northwest Multiple Listing Service reported 5,982 pending sales in just the 19 counties they report on in western Washington -and that includes San Juan County.

The fact that local banks are making loans, combined with a slowing injection of new listings into the market, and a quickening pace of home sales, Realtor's are seeing strong signs of a stabilizing housing market.

And not a moment too soon for the large number of individuals and companies that depend on sales and the related construction of new homes, remodels and additions to existing.

One of the perceived problems with the market has been the widespread belief that it is impossible to obtain financing due to the sub-prime lending mess, but as previously reported, local banks are making loans; and what seems to be getting lost when thinking about the economy is the simple fact that interest rates are at historic lows, and since there's no guarantee they'll fall further, now may be the best time buy.