June 2 -contracts to buy previously owned homes climbed 6.7 % in April, more than forecast and the fourth increase in five months, as lower prices attracted buyers. May 4 - A total of 803,489 properties received a default or auction notice or were seized in the first quarter of 2009. Home prices, however, rise 4%. California Feb sales rise 83% yoy. Price declines (-19% yoy) increase pending home re-sales (already contracted) rise 3.2% for 2nd monthly gain in a row. These contracts will become sales on closing, reinforcing the buying upswing, 50% from 1st time buyers. Refinancing surges 48% as Mortgage Rates fall to lowest in 37 years. Case-Shiller Index says US back to 2004 levels. Existing Home Sales make up 90% of the US housing market. The average price held up fairly well from the 2005 peak, but decreased significantly from June, 08 to now. April 24, February new home sales were up 22%, mostly on multi-family dwellings. March sales dipped less than 1% and were higher than anticipated. Inventories of unsold homes fell to a 7 year low. US Affordability Index - continues to break records as average house prices fall further. Income required for average US home drops from $50k in June, 08 to $35k in Jan, 09. Obama stimulous package includes $8,000 for 1st time buyers; $75 Billion to increase available credit for mortgages; and, a possible change to allow bankruptcy judges to change terms of mortgages | 
We're finally done our reno, 106 Fallingbrook Road in the Beaches. We've doubled the size and upgraded this regency style home. This weekend Open Houses Saturday and Sunday. 
The Distillery District is Hot! 
