More Good News from the Housing Front

What we havent seen in the housing market is positive news regarding new construction, until yesterday that is - Sales of newly constructed single family homes in June rose 11% over May.

The gain over May was much better than expected, and buoyed the spirits of builders. The index of builder confidence from the National Association of Home Builders rose to 17 this month after being stuck in single digit territory for quite some time. This newly found confidence in the market is evidenced with a 14.4% jump over May in the pace of new starts for single family housing units. 

Peter Morici, an economics professor at the University of Maryland sees this as a very positive sign. "Considering what's going on in existing home sales, with all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out," states Mr. Morici.

While many experts feel that the housing market has bottomed out, the next thing to happen is the prices will start to rise, especially if the number of homes on the market decreases. So, it would be an excellent time to buy - While the opportunities are there, the prices could be rock bottom and financing is friendly. A great place to start looking is the second or vacation home market. And to start thinking about a fractional ownership. The Ridges at Tellico Lake, a gated community at the foothills of the Great Smoky Mountains is offering two beautiful homes at fractional ownership from just $149,000. Award winning and with spectacular views, these mountain getaways are exquisitely furnished and decorated. Each share comes with a complimentary golf course membership to a fantastic country club and golf course, designed by the legend, Greg Norman. Estate size home sites are also available, and include golf membership as well. For more information please visit www.theridgesattellicolake.com or call 239-253-2332.