Greetings neighbors,

Looks like the economy as well as the housing market may actually be on the rise based on the latest from the National Association of Realtors.

This rise is largely in part to the extension of the first time home buyers tax credit which has had a much larger impact than expected. It is now estimated that there will be between 2.3-2.4 million first time home buyers by the end of the year.

According to a study by the NAR, there has been a 6 percent increase in first time buyers purchasing homes, with 47 percent this year and only 41 percent who purchased homes last year in 2008.

It is expected for existing home sales to reach 5.01 million dollars this year which is a 2 percent increase compared to last year. The expected existing home sales forecast for 2010 is 5.69 million which will be an increase of 13.6 percent.

In addition, the NAR also reported that the 30-year fixed - rate mortgage will average approximately 5.3 percent in the fourth quarter and is expected to rise to 5.8 percent by December 2010.