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The tax credit seems to have help home sales last month.  This still isn’t the end of the housing crisis and will probably be more a blurp rather than a change in the trend.

This is still a good market for investors.  The tax credit gave some people that extra push needed to buy a home, but those that can buy a home will take advantage of the tax credit.  Once that expires, home sales will drop back down.

There is still a market for creative financing like lease backs and seller financing.  Many families are in need of a place to live and can’t afford to buy a home through conventional methods because of lost jobs or other problems.

Creative financing can also be an excellent way for home sellers to compete against the short sales and foreclosures.  People trying to sell their home that isn’t distressed either use creating financing or will have to lose a lot of equity that they have built up over the years.

Existing Home Sales up Sharply in November

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.
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Total housing inventory at the end of November declined 1.3 percent to 3.52 million existing homes available for sale, which represents a 6.5-month supply at the current sales pace, down from an 7.0-month supply in October.    –more

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