*334 went pending in the month of July

For many of us school has started or will start very shortly and the summer is coming to an end. As for the real estate market, there was not much change in the month of August compared to July, but I have experienced an increase in buyer activity, so I expect the numbers to change for September. We are still running around 35% of all sold, active, and pending listings being either short sales or bank owned. What makes this market appealing is it's affordability; with prices down and interest rates at all-time lows, home ownership is very affordable. I just came across two different buyers that have chosen to buy in leau of renting because there mortgage payment was going to be lower tham their rent payment!!!

Here is a comparison of 2009 sold properties in August to 2010 sold properties in August-

2009-   635 sold properties with only 22% being short sales or bank owned.

2010-   431 sold properties with 34% being short sales or bank owned.

Current interest rates are hovering  around 4.35% with all indications leading to a rate increase in the future, more than likely after the November elections!