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Finally - some good news to report! The market is starting to confirm that we may have found the bottom of the real estate market on the south shore. Here's the latest:

• Plymouth County recorded more mortgages than it had in the previous 10 months.*
• Plymouth County recorded 2,342 mortgages last month, up from 1,747 in January and representing a 9 percent increase over the 2,141 mortgages recorded in February of 2008. The average mortgage amount continues to climb, up 4 percent to $255,218 last month from $245,186 in February of 2008. In addition to the notable increase in the volume of mortgages, their total value jumped to $602.2 million in February of 2009, marking the first time that Plymouth County recorded more than $600 million in mortgages in a single month since August of 2007.*
• A continued reduction in the number of new foreclosure notices are being recorded. Plymouth County recorded 63 such notices in February, bringing the year-to-date total to 135 and representing a 70 percent decline from the 450 notices recorded through the first two months of 2008.*
• The National Association of Realtors is reporting that existing home sales were up in February by 5.1 percent(nationally). This figure is still 4.6 percent below February 2008 levels, however, Dr. Lawrence Yun, Chief Economist for the NAR, noted, that the recovery in the Western region is stronger than expected. "Strong sales gains in the West are led by California, where the median listing price is beginning to rise for the first time in three years," he said.**

Good news came from the mortgage industry as well last week. The average interest on a 30-year mortgage fell to a 38-year low of 4.85 percent during the week ending March 27 from 4.98 percent the prior week, Freddie Mac reported. **

The decrease came on the heels of the Federal Reserve's announcement that it plans to purchase another $750 billion in mortgage-backed securities and up to $300 million in Treasuries. President Obama says refinancing is now possible for 40 percent of mortgages and encourages home owners to reap the benefits of the record-low rates.***

Locally, Plymouth has seen a significant reduction in inventory over the past year. With 367 homes currently on the market (according to MLS data), Plymouth has had a 30 percent decrease from 2008 when there were 519 homes on the market. This is party due to a number of reasons:

• Sellers who are not ready to sell and/or not realistic about selling taking their homes off the market
• Sellers unable to sell and going to into foreclosure
• An increase in demand for homes under $300,000 by first time home buyers and investors

The skies are starting to part and sun is peeking through. There are better days ahead - stay tuned!!

*Gatehouse Media*
**Realty Times (3/30/09)
***Source: Boston Globe (03/27/09)