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Martina Ryan's Blog

By Martina Ryan | Agent in Queens, NY

OCTOBER INCREASE IN HOUSE SALES BEAT ANALYST EXPECTATIONS

 Home sales rose 1.4 % Nationally in October from September levels to a seasonally adjusted annual rate of 4.97 million and were up 13.5% from the 4.38 million level of October 2010.

Pre-foreclosure sales accounted for 28% of sales with investors swooping in to buy while interest rates are low.

Home sales in the Northeast fell -5.1% to an annual level of 750,000 from last month, yet were up 1.5% from October 2010 levels.

The drop in sales was attributed to cancelled contracts which jumped to 33% in October from 18% in September.  These cancelled contracts were due to declined mortgage applications, appraisals coming in too low & employment losses, according to the National Association of Realtors. 

The median house price in the Northeast fell -5.5% to $224,4000 from October 2010 levels with an overall drop of  -4.7% on a National level. 

Distressed homes accounted for 28 % of sales in October & 30 % of sales in September & were down overall from the 34% levels of October 2010.  Of these distressed sales 17% were foreclosures and 11 % were short sales. 

All-cash sales accounted for 29% of purchases in October.







 
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