Who do you want your neighbors to be?

Americans Want to Be Obama's Neighbor, Who do you want?

The neighbor most Americans would choose is the Obama family, according to the annual Zillow Celebrity Neighbor Survey, which asked more than 2,000 U.S. adults to choose who they’d most like to see across the fence.

The most desirable neighbors for 2010 are:

• The Obamas
• Ellen DeGeneres and Portia DeRossi
• Sarah Palin
• Taylor Swift
• Oprah Winfrey
• Tom Brady and Gisele Bundchen
• Tiger Woods
• Robert Pattinson

The least desirable neighbors are:

• Nayda Suleman (also known as "Octomom")
• Jon and Kate Gosselin
• Sara Palin
• Richard and Mayumi Heene (parents of balloon boy)
• Kanye West
• Heidi Montag and Spencer Pratt
• Britney Spears
• Tiger Woods

Source: Zillow.com (12/29/2009)

A Decade of Dramatic Developments in Your Housing market...

A Decade of Dramatic Developments

At the beginning of the 21st century, most home buyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads, and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage.

What a difference a decade makes.

“The real estate industry has seen tremendous change and evolution over the past decade,” said NATIONAL ASSOCIATION OF REALTORS® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “As the first, best source for real estate information, REALTORS® have not only anticipated and adapted to the evolving needs of their clients and customers, but also have influenced industry trends and innovations that will carry us into the future.”

In 1999, buyers who went online in search for a home were in the minority – only 37 percent of buyers used the Internet in their home search, according to data from the NAR Profile of Home Buyers and Sellers. Today, 90 percent of buyers are searching online, and the real estate industry has responded. Sites like REALTOR.com, which attracts nearly 12 million total visits every month, have evolved to gives today’s buyers what they want – not just property listings, but multiple photos, online videos, mapping features, and comprehensive neighborhood information, as well.

Median home values over the past decade have increased more than 25 percent, from $137,600 in November 1999 to $172,600 in November 2009 (the most recent existing-home data available). Fewer people are buying detached, single family homes – 82 percent in 1999 compared to 78 percent in 2009 – but more people are buying homes in suburban neighborhoods – 46 percent in 1999 compared to 54 percent today.

Buyers themselves have also changed. A smaller proportion of married couples are buying homes these days; while married couples comprised 68 percent of all home purchases at the beginning of this century, they represent 60 percent of all buyers today. Single men and women have made up the difference – single men purchased 10 percent of all homes last year, compared to only 7 percent 10 years ago. Single women now represent more than one-fifth of all home buyers – 21 percent, up from 15 percent in 1999.

Other things haven’t changed. The median age for home buyers last year was 39, just as it was in 1999. Neighborhood quality, affordability, and convenience to work and school have consistently been top priorities for both past and present buyers. And eight out of 10 recently surveyed consumers believe that owning a home is an investment in their future.

“REALTORS® have been around for more than 100 years, but one constant during that time has been the persistence of homeownership as the American Dream,” said Golder. “As the first decade of this century comes to a close, NAR stands ready to meet the many challenges and opportunities that lie ahead by helping our REALTORS® members better serve their clients and communities and ensuring that those dreams of homeownership remain possible for all who want to achieve it.”

Source: NAR

Real Estate Outlook: Housing Recovery

Real Estate Outlook: Housing Recovery
by Kenneth R. Harney

The real estate recovery continues to roll along with a big 7.4 percent jump in home resales last month, according to the National Association of Realtors.

The current sales pace is 44 percent higher than it was the year before, including detached single family homes, townhouses, condos and cooperatives.

Equally important: Sales are up in every region of the country. They rose by 6.6 percent last month in the Northeast, 8.4 percent in the Midwest, 5 percent in the South, and nearly 11 percent in the West.

And for the second month in a row, sales totals were higher in all price classes. For most of the year, by contrast, only lower and moderate priced houses saw sales gains, while higher cost properties languished on the market. Now they're moving too.

Unsold inventories of houses also are down this year -- 16 percent below where they were the year before.

Lawrence Yun, chief economist for the National Association of Realtors, said a last-minute rush by buyers hoping to close on properties before the scheduled November 30 deadline for the $8,000 first time buyer credit added a lot of sales to the impressive November total.

Congress extended the November 30th closing deadline for the first-time buyer credit until June 30th of next year -- and added a new $6,500 credit for repeat purchasers to the mix.

Vicki Cox Golder, president of the National Association of Realtors, said the current combination of low prices, low mortgage rates and the tax credits has created an exceptionally attractive environment for buyers around the country.

“It really doesn't get any better for buyers,” she said, provided of course that they have “secure jobs and long-term ownership plans.”

Meanwhile, Fannie Mae's year-end forecast for 2010 suggests that sales of existing homes next year should jump by another 10 percent over this year, and new home sales should be 26 percent higher.

Like other forecasters, Fannie Mae sees rising mortgage rates hovering on the horizon, but not so high that they will scare away serious purchasers.

The Mortgage Bankers Association expects 30-year fixed rates to exceed 5.2 percent in the months ahead, up from about 5 percent in the latest week.

Even Federal Reserve chairman Ben Bernanke apparently is banking on higher mortgage rates as the economy warms up next year. The Wall Street Journal reports that Bernanke has refinanced out of an adjustable-rate loan on his Washington D.C. home and into a more secure 30 year fixed rate around 5 percent.

Published: December 29, 2009

The Highest Offer May Not Be the Best

The Highest Offer May Not Be the Best

Sellers who get more than one offer should be aware that the highest offer isn’t necessarily the best offer, say experienced practitioners.

In this tough market, going with the buyer who has enough cash to pay a large down payment and who won’t be scared away if the inspection uncovers some needed repairs is often the wise choice.

Practitioners should encourage sellers to review all the terms and conditions of the sales contract. In some areas, the allocation of fees can take a big bite out of the net proceeds. While most contracts are written to reflect that, it isn’t always the case.

Also, the closing date in the offer should be considered carefully. A buyer who can close quickly can save a seller thousands. Offers contingent on the sale of another property are particularly suspect in this market.

Source: Inman News, Dian Hymer (12/28/2009)

Interest Rates Predicted to Reach 6%

Interest Rates Predicted to Reach 6%

Interest rates are likely to rise to 6 percent by the end of 2010, predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.

The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed.

"Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it's hard to imagine that the rates can go much lower than they are," Crews Cutts said. "Anything we get at or below 5 percent is a gift at this point."

Source: Washington Post, Dina ElBoghdady (12/26/2009)

Home prices rise again in October

Home prices rise again in October

Associated Press

Published: Tuesday, Dec. 29, 2009 8:29 a.m. MST

NEW YORK — Home prices rose for the fifth month in a row in October, but the recovery continues to be uneven with only 11 of the 20 metro areas tracked showing gains.

The Standard & Poor's/Case-Shiller home price index released Tuesday edged up 0.4 percent to a seasonally adjusted reading of 145.36 in October from September. The index was off 7.3 percent from October last year, nearly matching expectations of economists surveyed by Thomson Reuters.

The index is now up 3.4 percent from its bottom in May, but still almost 30 percent below its peak in April 2006.

San Francisco and Detroit posting the largest increases. Dallas recorded a flat reading for the month, while Tampa and Chicago had the largest declines.

"Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement. That happened in the early 1980s, he said, and the current housing recovery appears more solid.

The federal government has stepped in with an extraordinary level of support this year for the housing market. Home price gains since the summer reflect the rush of homebuyers trying to close their deals before the original expiration date of a federal tax credit. The Nov. 30 deadline was extended last month to April 30.

Besides a credit of up to $8,000 for first-time buyers, Congress expanded the program to include homeowners who have lived in their current properties for at least five years. They can now claim a tax credit of up to $6,500 if they relocate.

The Federal Reserve is also buying up $1.25 trillion in mortgage-backed securities to help keep interest rates at historical lows.

My Yearly Letter from "Kranky Klaus"...

(Disclaimer: The following is a Kranky Christmas letter from Kranky Klaus. If you are easily offended by politically incorrect speech you should put this letter back in the envelope and watch CNN!)

Ho Hum, Ho Hum, Ho Hum!!

Well, it's been quite a year here at the north pole. We have yet to recover from collapse of the sub-prime igloo market and i had to lay off even more Elves than last year. But it appears hope is just around the corner. The government has deemed our toymaking operation at the North Pole as "Too Big To Fail," and cam through with $20 billion dollars of stimulus money - just in time too...though I might not get my $40 million bonus this year! Of coarse, along with he stimulus money came government control of my workshop. Between the government and the A.F. "ELF" C.I.O. Union, I am now a minority stockholder in my own corporation!! From now on all toys will be built to government standards - what a thrill it will be for all the boys and girls to receive a politically correct Gay G.I. Joe or Secretary of State Barbie Doll.

I had planned on delivering millions of real coal burning toy locomotives this year but then the Environmental Protection Agency stepped in......so now toy cars and trucks have to meet MFB (minimum feet per battery) and emissions standards. I can't wait to see little Johnny's face as he opens his present expecting a Monster Truck and gets a miniature Toyota Prius instead.

The Elves and Reindeer are demanding a government option on health care. So I fired all the doctors. From now on they will be seen by politicians. NEXT!

We joined the war on terror by invading OZ and defending the North Pole from radical Munckins. Last week we launched a predator missle from my sleigh and eliminated the entire lollipop guild. In addition, I have accepted the US government request to move the prisoners from Guantanamo to the North Pole. I will be picking them up in my sleigh on my way back to the North Pole on Christmas Eve. Hey...it's free labor. Besides, I never signed the Geneva Convention.

You remember how hard it was for me to get into the White House on Christmas Eve last year? Well, I finally figured it out. All I have to do is ditch the red suit for a tuxedo and take a good looking blond with me. I might even get my picture taken with the President!

Unemployment continues to rise here at the North Pole. I am down to six reindeer having layed off Donner and Dasher. I saw them the other day on the street corner holding up a sign "Will fly for food". It's so sad. The Elves are suffering as well. I had to let Twinky, Pinky, Dinky and Stinky go just last week. I saw them across the street from Donner and Dasher and they sure looked hungry. They were watching the cars speed by and yelling to the reindeer "Here boy...Here boy...Here boy" while holding out a carrot. To compensate, I brought in some cheap labor from North Korea. They don't understand a word I say but they bow and call me "Great Leader". I like that! Problem is you have to watch them all the time. I went out for a cookie break the other day and came back to find them working on a Nuclear Warhead!

Can you believe this? I got a letter from Tiger Woods a few days ago asking me for a new SUV! Says he ran into a tree accidentally. He must have forgot... I know when (and where) he's been sleeping. Coal and Switches for him!!!

I gotta get back to work now. I suppose I should wish you a Merry Christmas. Oh yeah...be sure to tie up the dog and turn off the Security system on Christmas Eve. The last thing I need is a Dead Rottweiler or trouble with the cops.

Crumbs and Kisses - Kranky Claus

P.S. Rudolph says to leave a six pack of that new carrot energy drink "Red Reindeer".

November home resales soar in SL County, the West and nationally

The Associated Press

Updated: 12/23/2009 01:28:51 AM MST

Sales of existing homes in Salt Lake County jumped 77 percent in November, compared with the same month last year, reflecting rising volumes in the West and the nation.

The Salt Lake Board of Realtors reported Tuesday that there were 1,071 homes and condominiums sold in November, versus 2,006 in November 2008, when the U.S. economy was deep in the midst of its downturn. But sales last month also were up 15 percent when compared to November 2007 (928).

Board president Ryan Kirkham said home purchases were pushed by lower prices, interest rates below 5 percent and buyer-incentive programs offered by the state and the federal government in the form of a tax credit.

"You take all those factors in, couple that with the fact there's a lot of great inventory, and it's been a tremendous time to be a buyer," he said.

The median price of all homes sold in Salt Lake County in November dropped to $202,200, down 12 percent versus the median price of $229,250 in November 2008, the board said.

There are about 6,800 homes and condos for sale in Salt Lake County, an estimated eight-month supply, the Board of Realtors reported. The median number of days on the market for homes that sold in November was 68 days, down from 79 days a year earlier.

In the West, home sales jumped 30 percent in November, driven largely by first-time buyers racing to qualify for the federal tax credit that was set to expire at the end of the month. Foreclosures

and other financially distressed homes in low price ranges accounted for many deals in California, Arizona and Nevada. That helped pull down the region's median price by 4 percent, to $231,100.

Nationally, sales soared by almost 47 percent from November last year, without adjusting for seasonal factors, the National Association of Realtors said. The median price dipped 4 percent, to $172,600.

Sales in the 13-state West region have improved this year, aided by low mortgage interest rates and the $8,000 tax credit for first-time buyers. Congress recently extended the incentive to the end of April and expanded it to include $6,500 for existing homeowners who have lived in their current residence for at least five years.

Buyers must sign a contract by the end of April to qualify. And that time cushion means buyers in the market now aren't in a rush. That, plus the traditional holiday slowdown have reduced foot traffic at open houses this month, several agents said.

"What we're seeing is that buyers have no sense of urgency now," said Gary DeRosa, an agent with ZipRealty Inc., in Seattle.

Jason Chaffetz explains the benefits of the New Tax Credit...

December 22, 2009



Dear Mr. Smith,

Thank you for writing to my office with your views on extending the first-time homebuyer tax credit.

The proposal to extend this tax credit was part of the Worker, Homeownership, and Business Assistance Act of 2009 (HR 3548). I voted in favor of this legislation along with over 400 of my colleagues in the House, and President Obama signed this bill into law on November 6, 2009.

Among other things, this legislation provides a new $6,500 tax credit to some qualified current homeowners who purchase another home, and extends the $8,000 tax credit for first-time home buyers (which was scheduled to expire at the end of November) until April 30, 2010. It is my hope that this tax credit extension will strengthen our weakened economy by improving the housing market. I also anticipate that no further extensions will be needed.

Again, thank you for contacting my office. Please do not hesitate to write me again if you have any further questions or comments. Also, if you would like to sign up for my monthly e-letter, please visit my website, http://www.chaffetz.house.gov/.



Sincerely,

Jason Chaffetz
Member of Congress

November home sales soar 7.4 percent

November home sales soar 7.4 percent

December 22nd, 2009 @ 9:56am

By ALAN ZIBEL
AP Real Estate Writer

WASHINGTON (AP) - Home resales surged last month to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.

Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.

"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."

About 2 million homebuyers have taken advantage of the credit so far, the National Association of Realtors said Tuesday. The group forecasts that another 2.4 million will use it by the middle of next year. First-time buyers made up about half of all transactions last month, driving sales up 44 percent above last year's levels, a record jump.

"In the short run, its an effective stimulus," said John Ryding, chief economist at RDQ Economics. "If you give someone money to spend on something, they will spend it."

November's sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million, from a downwardly revised pace of 6.09 million in October, the Realtors group said. It was the highest level since February 2007. Sales had been expected to rise to an annual pace of 6.25 million, according to economists surveyed by Thomson Reuters.

Sales are now up 46 percent from the bottom in January, but down 10 percent from the peak more than four years ago. The inventory of unsold homes on the market fell about 1 percent to 3.5 million. That's a healthy 6.5 month supply at the current sales pace, the lowest level in three years.

The median sales price was $172,600, down 4.3 percent from a year earlier, and up 0.2 percent from October.

The housing market recovery, however, is still facing strong headwinds.

Unemployment is high and employers are going to be slow to rehire because economic growth is weaker than expected. The economy grew at a pace of 2.2 percent in the third quarter, which was lower than the initial 2.8 percent reading, the government said Tuesday.

What's more, mortgage defaults are still setting records, and lenders are regularly rejecting applications from borrowers who don't have good credit or enough money for a down payment.

Many experts warn that hundreds of thousands of foreclosed properties have yet to be put up for sale. Plenty of traditional sellers are also keeping their homes off the market, hoping for a better price.

"When they start thinking they can sell them, we could see a surge in homes for sale," wrote Joel Naroff, president of Naroff Economic Advisors.

In the meantime, home buyers can take advantage of record-low mortgage rates, deeply discounted prices and federal incentives. Besides the existing tax credit of up to $8,000 for first-time buyers, homeowners who have lived in their current properties for at least five years can now claim a tax credit of up to $6,500 if they relocate. To qualify, buyers must sign a purchase agreement by April 30.

Analysts expect that the new tax credit deadline means sales will drop during the winter months and recover in the spring.

Without the looming deadline, "buyers have no sense of urgency now," said Gary DeRosa, an agent with ZipRealty Inc. in Seattle.

Home Owners Would Spend Tax Credit Wisely

Home Owners Would Spend Tax Credit Wisely

A survey of homeowners by Coldwell Banker Real Estate found that 20 percent said they were more likely to consider purchasing a new home after learning about the $6,500 tax credit than they were six months ago.

Of the more than 1,000 homeowners surveyed, 83 percent said that if they were to purchase a home and qualify for the tax credit, they would pay off debts, make home improvements, add it to savings or use the money for household expenses.

Only 6 percent said they would spend the money on a luxury item like a vacation or a shopping spree.

Source: Coldwell Banker Real Estate (12/16/2009)

Foreclosures: Ten Reasons for Buyer Caution

Foreclosures: Ten Reasons for Buyer Caution

Foreclosed homes aren’t always the best deal in town – even if they do come with a price tag that appears to be lower than some other homes in the neighborhood.

Here are 10 reasons why that is true, offered by Vince Mastronardi, president of On-Site Specialty Cleaning & Restoration.

1) No heat in the winter. When a home has been left unheated, buyers run a risk of damaged pipes.
2) Not removed but ripped. Thieves and even angry former owners can do a lot of damage when they depart with fixtures and key systems like heaters and air conditioners.
3) Peeling, bubbling, and discoloration. Water incursion isn’t always obvious, but these are signs.
4) Mold. Where there is water there is mold. Look inside cabinets, behind drawers, and around built-ins.
5) Blocked drains and pipes. Sewer backups can be expensive to fix.
6) Black cobwebs. This is the result of a malfunctioning furnace, common in properties where there hasn’t been maintenance for a long time.
7) Homemade and handy. Where renovations don’t look professional, check with the municipal authority. They may have been completed without permits and that could mean they have to be redone.
8) Fresh paint everywhere. What is the seller covering up?
9) Check the basement. Look for discolored subflooring, which can point to mold. And search for asbestos, common in older homes that haven’t been brought up to code.
10) Air quality. Include air and surface testing in a home inspection. It’s a few hundred dollars well spent.

Source: On-Site Specialty Cleaning & Restoration (12/16/2009)

My New Car...A Miracle...

Finally, FREEDOM! A-M-A-Z-I-N-G!!!

Salt Lake City is ranked 9th in the country for forbes magazine Top Ten Fastest Recovering Housing Markets!

Cities Where Housing Is on the Mend

No cities have totally avoided the foreclosure crisis, but some were able to sidestep the worst of it. These markets are now recovering quickly.

The recovery is swiftest in those areas that didn’t have as much of a housing price run up to begin with, either because the economy in those areas has stayed healthy or the economy has been limited for decades and residents have adapted or left.

To identify places where the recovery has begun, Forbes magazine examined the number of loans that were foreclosed in the 100 largest metropolitan statistical areas. Then it calculated the percentage of loans that are descending further into delinquency vs. those that are improving. The lower the deterioration ratio, the higher the ranking.

Here are the cities that fared best by that measurement and are recovering the most quickly:

1. Harrisburg-Carlisle, Pa.
2. Austin-Round Rock, Texas
3. Ogden-Clearfield, Utah
4. Buffalo, N.Y.
5. Knoxville, Tenn.
6. Raleigh, N.C.
7. San Antonio, Texas
8. Syracuse, N.Y.
9. Salt Lake City, Utah
(Tied)
10. Moline, Ill.
10. St. Louis
10. Wichita, Kan.
10. Rochester, N.Y.

Source: Forbes, Francesca Levy (12/09/2009)

Housing Inventory Decreases

Housing Inventory Decreases

The number of homes for sale declined 2.4 percent in November in the metropolitan areas covered by ZipRealty Inc. In the last 25 years, the decline in November has averaged 1.8 percent.

The data doesn’t include New York, but Miller Samuel Inc., an appraisal firm, reports that inventory was down 7.1 percent from the end of October and down 18 percent compared to November 2008.

October was the first month since January to show a rise in bank-owned homes. The number of bank-owned properties declined over the summer because of efforts to prevent foreclosures. As time runs out for many families, the number of foreclosures is increasing.

As of the end of October, banks and mortgage investors had 639,000 foreclosed homes for sale across the U.S., Barclays Capital estimates. "We expect a rebound in distressed inventory in the coming months," says Glenn Boyd, a senior analyst at Barclays.

Source: The Wall Street Journal, James R. Hagerty (12/09/2009)

Foreclosures Decline for The Fourth-Straight Month

Foreclosures Decline for Fourth-Straight Month

Foreclosures declined 8 percent in November compared with October, but were still up 18 percent from November 2008.

This was the fourth-straight month that U.S. foreclosures have declined since hitting an all-time high in July, according to online foreclosure marketer RealtyTrac.

Default notices, an indicator of coming foreclosures, also were down 8 percent from October, but up 22 percent from November 2008. Bank repossessions were flat from the previous month and down 2 percent from November 2008.

"We don't really believe the underlying problems have been resolved," said Rick Sharga, senior vice president for RealtyTrac. Many borrowers, he told the Associated Press, "simply aren't going to qualify" for government and mortgage servicer help.

States with the highest foreclosure rates are:

• Nevada
• Florida
• California
• Arizona
• Idaho
• Michigan
• Illinois
• Utah
• Maryland
• New Jersey

Four states account for more than 50 percent of actual foreclosures: California, Florida, Illinois, and Michigan.

Source: RealtyTrac, (12/10/2009)

A Busy Month of Wishing...

Recovering from my car crash has been a lesson in work. I think we all go through a couple of hard times where we loose sight of our goals and have to pull ourselves back on track!

Over the past month I've dealt with a Car Accident, another Car Repair, Negotiating Damages, Recovering from accident sustained injuries, Negotiating Medical expenses, obtaining a lawyer with principals, and closing on several transactions I've realized the one thing and probably the most important thing I've neglected is my sustained business.

We have all been in the same situation one way or another. What have you done to remedy the situation?

1. I invite you to tell your friends and family about me, to let them know I am one of the hardest working, highest producing, and knowledgeable agents you have worked with.

2. I invite you review my website, subscribe and search for homes you may be interested in.

3. I invite you to review my blog regularly and learn about the new developments affecting our ever changing market on a constant basis.

4. I invite you to call, text, or email me with questions and concerns on our current market and your home or future home.

Lets make this a great year for our housing market while prices are still low.

Parker Smith, REALTOR®
Certified Negotiation Expert
Windermere Real Estate
(801) 836-4393
ParkerSmith@Windermere.com
http://www.parkersutahproperties.com/

Home sales contracts soar in October 09

Home sales contracts soar in October

National Association of Realtors index spikes 32% as buyers take advantage of first-time homebuyer tax credit.

By Les Christie, CNNMoney.com staff writer

Last Updated: December 1, 2009: 10:39 AM ET

NEW YORK (CNNMoney.com) -- Americans are inking a lot of deals to buy homes.

In October the National Association of Realtors recorded an unprecedented ninth consecutive month of increases in the number of signed contracts.

Although these are not closed sales, and some deals can fall through, signed contracts are a good indicator of where the housing market is headed.

Between September and October NAR's Pending Home Sales Index rose 3.7% to 114.1 from 110 in October. But the index is 31.8% higher than a year ago, when it was 86.6. That's the biggest year-over-year gain in the history of the index.

The PHSI is also at its highest level since March 2006, and the rise confounded expert expectations. A panel of industry analysts put together by Briefing.com had forecast a 1% drop in new contracts.

NAR's chief economist, Lawrence Yun, gives much of the credit for increased sales to the homebuyer's tax credit, which first-time homebuyers could claim to reduce their taxes by up to $8,000.

"The tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future," Yun said in a prepared statement.

The credit had been due to lapse on Dec. 1, so many October buyers may have acted to get in under the wire.

However, the credit has been extended through the middle of 2010 and expanded to include many move-up buyers. The housing industry hopes that will keep sales perking until the economy picks up and markets return to a more normal condition.

In a related story, the Census Bureau reported that private residential construction spending surged 3.9% during October.

Yun cautioned, however, that housing market indicators, such as pending sales, may weaken over the next few months.

"The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months," he said.

"Given the lag time, we could see a temporary decline in closed existing home sales from December until early spring when we get another surge," he added. "But the weak job market remains a major concern and could slow the recovery process."

The good news is that number of homes on the market has declined, removing some of the bloat that has depressed prices. There is now a seven month supply of homes on the market at the current rate of sale. which is down from 10.2 months a year ago. Yun predicted that housing conditions could return to near normal and home prices firm up by mid-2010.

"That would mean broad wealth stabilization for the vast number of middle-class families," he said.

First Published: December 1, 2009: 10:07 AM ET

I'm sick and it's distracting!

Have you ever noticed that when your sick everything seems to move in slow motion. Work, Time, your Body.

I have discovered that my brain all but shuts down and my body demands sleep. Me being who I am and not used to the undiscovered world of sleep naturally oppose and try to protest what my body insist is inevitable.

I love my job, I love the excitement of Real Estate. When I am forced to slow down I always feel a little useless and sort of voided in a way.

I guess this means I need to actually rest so I can be useful to all those clients that will and are depending on me to be my best 100% of the time? Not to mentions my Family who is the most important.