On-line Application up and Running!

Hello everyone,

Recently we have had some technical challenges withour on-line application. We are pleased to say that this problem has been corrected and the application is fully functional.

Below is an article taken from the National Post. It talks about the housing market in the U.S. mainly, and shows some signs of hope in terms of a recovery. Though the situation up here is far different, the U.S. market nevertheless affects us as well. Here it is:


"Sales of previously owned U. S. homes rose at their fastest pace in nearly six years in February, data showed yesterday, offering some hope to an economy battling a 15-month recession.

The National Association of Realtors said sales rebounded 5.1% in February to a 4.72 million-unit annual rate, notching their largest gain since July, 2003, but about 45% of these were foreclosure or short-sale transactions.

This was above market expectations for a drop to a 4.45 million-unit pace after January's 4.49 million rate. Compared with the same period last year, February sales were down 4.6%, the NAR said.

U. S. stocks, already rallying after the U. S. government released details of a plan to clean out toxic assets from banks' balance sheets, extended gains on the housing data.

The housing market is at the core of the economic, and financial meltdown and stabilizing it is seen as a key ingredient for the recovery from a recession that started in December, 2007.

"Because entry-level buyers are shopping for bargains, distressed sales accounted for 40%-45% of transactions in February," said NAR chief economist Lawrence Yun. "Distressed homes typically are selling for 20% less than the normal market price, and this naturally is drawing down the median price."

Sales were up in all four regions, with the West outperforming. In California, the median listing price rose for the first time in three years.

Government data last week showed a rebound in U. S. housing starts and new building permits in February.

"It suggests that the drop in prices and mortgage rates and an increase in affordability are having an impact in the market," said Alan Gayle, senior investment strategist at Ridgeworth Investments in Richmond, Va. "Stabilization in the housing market is critical for the economy to start, and this is a good report."

There is hope that the government's US$272-billion package to stem the tide of foreclosures, together with aggressive efforts by the U. S. Federal Reserve to keep interest rates down, could lay the foundation for the housing market's recovery.

NAR's Mr. Yun said the government's stimulus package could add a million sales this year, but depressed levels of consumer confidence and rising unemployment could derail this projection. The median national home price declined 15.5% in February from a year ago to US$165,400, the second-biggest decline on record."


Have a great week everyone!