Things look bullish for the Fayetteville NC homes market and the national market as well.  According to data from the Fayetteville NC MLS, which includes data from  Cumberland and eight counties surrounding Fayetteville, 404 homes closed in February . That’s 133 fewer homes than February  last year, but 60 more than this past January.

New home sales were up for the month of February across the nation. Like the Fayetteville NC market the number is shy of February 2008's but the news was taken well by the stock market. It was the largest monthly sales jump since July 2003, with first-time buyers accounting for about half of all transactions.

"Sales of new one-family houses in February 2009 were at a seasonally adjusted annual rate of 337,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.7 percent (±18.3%)* above the revised January rate of 322,000, but is 41.1 percent (±7.9%) below the February2008 estimate of 572,000." says a report from the US Census Bureau and Dept of Housing and Urban Development.

Some are calling this the bottom and hopefully it is. My guess is it's a start.  First time buyers are undoubtedly eager because of an $8,000 tax credit designed to lure them into the market. In addition, interest rates have since fallen to historical lows. Sounds like good news but it has me and a few others a little anxious since this is the kind of thing that got us in the slump in the first place.

Well anxious or not it's happening and as long as proper lending practices are observed maybe we can do this thing right this time

References: http://www.fayobserver.com/article?id=321926  and  http://www.census.gov/const/newressales.pdf