The Times Board of Economists: Economic update from Bill McCabe, broker/owner at Century 21 Executive Realty

REAL ESTATE: Housing recovery picks up steam

2012-10-21T00:00:00Z 2013-12-18T16:23:29Z REAL ESTATE: Housing recovery picks up steamBy Keith Benman, (219) 933-3326

Inventories of unsold homes in Northwest Indiana continue to drop and the year-end total of homes sold should increase this year for the first time since 2006.

A rise in consumer confidence and record low interest rates are driving buyers into the market and giving encouragement to sellers. First-time buyers and investors continue to underpin the market.

"We are moving in the right direction," said Bill McCabe, broker/owner at Century 21 Executive Realty in Schererville.

At the end of the summer, the inventory of unsold homes in Lake County had declined to seven months worth, from 11.4 months at the beginning of the year and 15 months two years ago. When that inventory hits three to four months, serious price progression should begin, McCabe said.

Government-backed mortgage buyer Freddie Mac said a week and a half ago that the rate on the 30-year loan increased to 3.39 percent from 3.36 percent. The previous week's rate was the lowest since long-term mortgages began in the 1950s.


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