A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.

Add that to predictions that the 30-year fixed-rate mortgage is likely to rise gradually to 6.2 percent by the end of the year, and then average 6.3 percent in 2009. Both are still incredibly low rates -- and show housing could be ready for a warm, warm summer.

For now in the Midwest, the Pending Home Sales Index fell 10.4 percent in March to 74.1 and is 22.3 percent below March 2007.

Realtor Ellen Weiner of Solon, Ohio is reporting sellers are receiving around 95 percent of their asking price -- down only one percent from last year. She says that this may be the best buying opporutnity they've seen in the area recently.

Real estate expert Julie Marshall of Sun Prairie, Wisconsin, is reporting that her market has been picking up recently with more buyers deciding on purchases. There are many new homes ranging in price from $200,000 to $1.2 million, condominiums for 55+, and a variety of older homes from the early 1900's to the present.

That's all for our regional report today. Be sure to check out our other great news and advice.

Published: May 12, 2008

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