Wall Street closed with losses again, today. This comes after the Federal Reserve says more help is needed to boost growth and reduce unemployment. But there are a few bright spots in the fluctuating economy: housing and gas prices.
Much of the housing growth is being fueled by record-low mortgage rates and the demand for new homes. For the seventh straight month, median home prices look promising. Steve Pearson of Coldwell Banker, in La Quinta says, "Home prices have been going up. It's kind of a reflection that we've got fewer homes on the market. Our MLS total inventory is under 3,500 homes."
According to the California Association of Realtors, the average home in Riverside County is on the market for 46 days before it sells.
And prices per square-foot are up 19-percent over last year. Pearson says, "There can't be a better time for investors and first-time home buyers to get into the market."
Another bit of good news, gas prices. In fact, when we stopped at the Arco at Washington and Hwy 111, in La Quinta, the numbers were literally coming down. Regular unleaded is now under $4.00