Though there is a significance decline in home prices, the home sales are still not showing positive numbers. There is no supporting customer demand or consumer confidence, to the lower home prices. Thus, it is still not possible for the housing sector to recover from the recession.
However, there were some places in US, which showed growth in home sales. In addition, there are some places, which showed, still decline in home sales.
Austin Board of Realtors reported that single-family homes declined 22 percent in March, though there was a decline in median home prices. Whereas, in San Francisco home sales were up 25.7 percent.
If anybody is planning to buy a new home, this can be the best time to do it. According to a repot from NAHB, half of the US households have the potential to buy a new house, even with a $20,000 less in household income. They can also save $500 per month on their loan deal.
Government is encouraging homeowners with additional standard reduction in real estate taxes.