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