Home Sales Rising in Memphis. Could This Be the End of the "Down" Market??

http://memphis.bizjournals.com/memphis/stories/2009/07/20/daily37.html?surround=lfn

Here's a great article from the Memphis Business Journal. Take a look. And if you want information about your house, let me know.

Long-term mortgage rates rose just a fraction this week, and remain well below year-ago levels.

Freddie Mac's weekly rate report says 30-year fixed-rate mortgages averaged 5.20 percent this week, up from 5.14 percent last week. A year ago, 30-year mortgages averaged 6.63 percent.

"Newly released housing indicators contain positive signs that the worst may be behind us," said Freddie Mac (NYSE: FRE) chief economist Frank Nothaft.

Freddie Mac's regulator, the Federal Housing Finance Agency, this week said average home prices nationwide rose 0.9 percent from April to May, and are down 5.6 percent from a year ago, the smallest 12-month decline since June 2008.

New construction of single-family homes rose 14.4 percent in June. Existing home sales in June rose for the third straight month.