With all the turmoil in the economy, you might think no one's buying houses right now, but that's not the case.
"It's been something I've always wanted to do," said Sean Miller, who's looking to buy his first home. "It didn't seem like something that was too feasible until just recently."
The National Association of Realtors reports sales of previously owned homes shot up 7.7 percent in August, compared to July. That's a jump of nearly 19 percent from August 2010, when sales hit a big speed bump after a home buyer tax credit expired.
While the report may offer a bit of hope, many economists don't expect the big jump in existing home sales to continue increasing at this rate, especially since sales of foreclosed homes made up more than 31 percent of those transactions in August. But with interest rates dropping to around 3 percent, a lot of renters are it may be cheaper to buy.
"That's a reduction of more than 25 percent, which more than offsets the price of a house and creates a real incentive to buy," said Mike Deasy, chairman of Deasy Penner & Partners in Beverly Hills and Pasadena.
"Now is truly the time to buy in southern California," Deasy said.
After all, the American Dream is still alive for many people.
"I don't think people's desires to own a home will ever go away," Miller said.
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