Could it be?
The New York Times recently reported an unexpected bump in home sales for February.
The National Association of Realtors reported on Monday that sales of existing homes
rose 5.1 percent in February after a 5 percent decline in January. Home
sales in the Northeast, South, West and Midwest all gained ground for
February.
The Obama administration and the Federal Reserve have introduced
aggressive moves to try to lower borrowing costs, keep homeowners out
of foreclosure, and stem two years’ of losses in the housing market,
which lies at the center of the financial crisis.
Last month, President Obama
unveiled a $275 billion plan to help as many as nine million homeowners
refinance or avoid foreclosure using a variety of incentives to lenders
and homeowners. The administration also included an $8,000 tax credit
for first-time homebuyers in the stimulus package.
The nationwide average for a 30-year fixed mortgage is 5.08 percent compared with 5.62 percent a year ago, according to Bankrate, and many lenders are offering loans with interest rates near 4.75 percent.