Home sales in Middle Tennessee are up for the sixth straight month compared to a year ago. And the number of homes for sale jumped dramatically in March, which officials say shows growing confidence in the economy.

A new report from the Greater Nashville Association of Realtors says home prices have held steady, and the number of pending sales is up.

And GNAR president Lucy Smith says more houses are on the market. She says many people have been wanting to move, but were holding off, out of worry for the economy –

“–The possibility of job loss and layoffs, and now things seem to have stabilized more, and people have more confidence in what their job situation is. And we know there were a lot of people wanting to do something but were hesitant to do it because of the unknown.”

Smith notes spring is typically an up time for home sales, and tax credits have also helped the market. But she says the first-time home buyer’s tax credit expires this month, and probably won’t be renewed.

Source: http://wpln.org/?p=16440

Economist Says, Foreclosures Notwithstanding, Housing Inventory Isn't Keeping Up With Population Growth

Privately owned housing starts in December 2009 were at a seasonally adjusted annual rate of 557,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4% less than where it was in November, which had 580,000 housing starts.

Housing completion numbers also contribute to this dire picture, with December 2009 privately owned housing completions reaching a 768,000 seasonally adjusted annualized rate. That's down 11.2% from the 865,000 completions in November and down 25.3% from the 1,028,000 completions in December 2008.

Some people might shrug these statistics off considering the number of foreclosures in the market. To them, Wesbury told Steve Forbes, "Yes there's foreclosures coming into the market, but we're only starting right now ... We're starting one-third of the houses we need just to keep up with population growth, and that can't last."

There were 315,716 properties last month with foreclosure filings according to RealtyTrac. These filings include default notices, scheduled auctions and bank repossessions. Though last month's filings were 15% more than a year ago, it was 10% less than December's.

Privately owned housing starts in December 2009 were at a seasonally adjusted annual rate of 557,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4% less than where it was in November, which had 580,000 housing starts.

Housing completion numbers also contribute to this dire picture, with December 2009 privately owned housing completions reaching a 768,000 seasonally adjusted annualized rate. That's down 11.2% from the 865,000 completions in November and down 25.3% from the 1,028,000 completions in December 2008.

Some people might shrug these statistics off considering the number of foreclosures in the market. To them, Wesbury told Steve Forbes, "Yes there's foreclosures coming into the market, but we're only starting right now ... We're starting one-third of the houses we need just to keep up with population growth, and that can't last."

There were 315,716 properties last month with foreclosure filings according to RealtyTrac. These filings include default notices, scheduled auctions and bank repossessions. Though last month's filings were 15% more than a year ago, it was 10% less than December's.

Aspiriant Chief Investment Officer Jason Thomas doesn't see the foreclosure situation getting better until the labor market picks up. "So many people are getting to a point where they just can't hold on anymore and we may see another wave of that if we don't see a pretty robust turnaround in the labor market," he says.