National home sales are on the decline, according to an article by Inman News last Friday, March 03,2006.
Consumer confidence fell in February as home-buying attitudes dropped to their lowest level in 15 years, according to the University of Michigan's Survey of Consumers released today.
"The latest survey indicates that consumers have adopted a less favorable outlook for economic growth, expressed heightened concerns about potential increases in unemployment, and no longer anticipate any additional declines in the inflation rate," according to Richard Curtin, the director of the University of Michigan's Surveys of Consumers.
Favorable home-buying attitudes fell to their lowest level in 15 years in February due to increased resistance to high home prices and rising mortgage rates. "Complaints about high home prices were voiced by more consumers in February than any other time during the past quarter century," Curtin added.
Greater Austin and Texas real estate sales are on the rise. Investors, second home buyers, relocation clients are flocking to the warm clients of Austin, San Antonio, Houston and Dallas. With the influx of victims from Katrina, rental rates are also on the rise.
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