Existing housing sales are up across the board.  Nearly every state, city and MSA are showing an increase in sales compared to this time last year.

This is good news.  Yes, there are a lot of foreclosed homes and short sales that are contributing to the sale numbers.  But the sooner those houses are off the market the sooner standard market forces will apply.  (Some would argue that standard market forces apply no matter what type of sale it is.)

Most economists agree these statistics are encouraging but they are quick to point out that they do not expect a sharp turn upward anytime soon.  Many feel that housing numbers will bounce around for a while creating a bottom and only then will a significant uptrend in sales and home valued begin.

But for those looking to buy land and develop it, a bottoming in the housing market may be all you need to start tying up land again.  Lead times on residential real estate developments of any decent size are taking 1 to 2 years to get permitted and completed and so a bottom here could be an uptrend by the time your product comes to market.

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