The London St. Thomas Association of Realtors reported that February 2009 home sales eased when compared to the same period a year earlier. Specifically, home sales were down 30% when compared to Feb. '08 and the average residential price is down 2.4%. This said, given a 23% increase of listings in London (a ton of choice on the market for Buyers), all time low mortgage rates (5 year fixed mortgage rates at 4.19% or lower), and the certain historical fact that no recession lasts forever, this adds up for an excellent purchasing environment.
Indeed, according to the London Association of Realtors, housing prices are stable and this is the third best year ever for sales in the London and St. Thomas area. Given the lack of consumer confidence in the market, housing sales have returned to more normal levels. Londoners who take advantage of this naturally occuring recession should definitely be rewarded well in years to come.
For questions or comments regarding this article or others, don't hesitate to leave a post or contact me, Brent Richardson, at your convenience.
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