August sales figures from the Ann Arbor Area Board of Realtors show a 6% decline in the number of residential sales, compared to August of last year. Sales volume and average sale price continue to show declines over last year, reflecting the effect of foreclosures and short sales on current prices.
According to the National Association of Realtors, the recently enacted Housing Stimulus Package and first-time buyer tax credit will likely have a big impact on getting the housing market moving again and will contribute to lessening the foreclosure pressure. Increased home sales tend to foster improving home prices. Homeowners across the country will benefit as home prices strengthen.