Jack Hipolito Fernandez Believes Housing Market Improving Despite Low Home Sales

NEW YORK, NY, July 12, 2012 (Press-News.org) The National Association of Realtors' newest figures show a 1.5 percent dip in home sales versus the month prior to an annualized rate of 4.55 million, according to a CNN news article. Analysts believe the demand from potential homebuyers remains unchanged, with many holding back on purchases during the economic downfall over the past few years. Although home prices and mortgage rates remain the lowest in years, access to credit and high downpayment requirements are keeping sales from thriving. Jack Hipolito Fernandez, a real estate expert, said many of his buyers have run into that same exact problem.

"There are still people out there wanting to buy homes, but they can't get past the red tape, so to speak, from the credit agencies and mortgage companies," he said. "That makes things pretty difficult for them and the real estate industry in general."

Patrick Newport, an economist with HIS Global Insight, agreed with Jack Hipolito Fernandez.

"The home sales market is still on the mend," he said. "But the path to recovery will be a slow and bumpy one. The key obstacle to a strong recovery right now is tight credit."

Despite the reduction in home sales, the numbers are still better than what they were last year, up 9.6 percent compared to an annualized sales rate of 4.15 million in May of 2011, the NAR reported.

The May sales figures are still a big improvement, up 9.6 percent compared with the annualized sales rate of 4.15 million in May 2011, the National Association of Realtors reported. The report also noted that the median existing home price in America went up 7.9 percent over the same time period.

In some areas, home prices are increasing because of short supply. The number of foreclosures and short sales has gone down. However, Gus Faucher, senior economist for PNC Financial, expects the market to bounce back by the end of the year.

"I think what we're seeing is that the housing market is in the early stages of recovery," he said. "Access to credit will gradually improve, so it will be easier for people to obtain mortgages over the next few years."

Jack Hipolito Fernandez also remains positive about the future of the real estate market. "The numbers may show some decreases, but I don't think that is going to last," Jack Hipolito Fernandez said. "We are working with buyers daily to find them the home of their dreams. The market is recovering, and it isn't going to happen overnight. But it will happen. The market just needs some more time and I think buyers and sellers understand that."

ABOUT:

Jack Hipolito Fernandez is a Realtor at HF Realty. He started working at his parents' real estate company, HF Realty, after earning his business degree from California State University. HF Reality specializes in commercial and residential real estate sales in Los Angeles, California.

Website: http://jackhipolitofernandez.com