Homes sales jump 7.4%

Discussion in 'Current Events' started by Chris, Dec 22, 2009.

  1. Chris
    Offline

    Chris Gold Member

    Joined:
    May 30, 2008
    Messages:
    23,154
    Thanks Received:
    1,958
    Trophy Points:
    205
    Location:
    Virginia
    Ratings:
    +2,089
    Sales of previously owned homes soared 7.4% in the traditionally slow month of November as buyers looked to take advantage of a tax credit for first-time purchases, an industry group said this morning.

    Sales of single-family houses, town homes, condominiums and co-ops rose to a seasonally adjusted annual rate of 6.54 million units in November, the National Assn. of Realtors in Washington said.

    That is 44.1% above the 4.54 million sales pace of November 2008.

    The 7.4% rise reported today was compared with sales in October 2009.

    U.S. sales of existing homes soar 7.4% -- latimes.com
     
  2. rightwinger
    Offline

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,215
    Thanks Received:
    19,814
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,302
    Good to see we are getting some economic recovery. I see more homes being sold near me. Prices are still down quite a bit, but up slightly
     
  3. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    Who knew that free lunch was so popular? :rolleyes:
     
  4. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    What percentage were repos?

    If a repo sale it is not a gain just a stay even since the previous owners will not be owning a home for a while.
     
  5. Chris
    Offline

    Chris Gold Member

    Joined:
    May 30, 2008
    Messages:
    23,154
    Thanks Received:
    1,958
    Trophy Points:
    205
    Location:
    Virginia
    Ratings:
    +2,089
    But I thought the stimulus wasn't working?
     
  6. Sinatra
    Offline

    Sinatra Senior Member

    Joined:
    Feb 5, 2009
    Messages:
    8,013
    Thanks Received:
    1,005
    Trophy Points:
    48
    Ratings:
    +1,005
    About 50% were first time buyer transactions taking advantage of the tax credit.

    The extension and expansion of said credit will increase market volatility in the winter and spring months - but unlikely we will see the rush of sales as we did in the fall of 2009.

    That being said, the housing market is showing some clear signs of stabalization - though foreclosures are likely to continue increasing well into 2010.

    Overall, 2010 will be a slight improvement over 2009 regarding the housing market, with 2011 being when a true recovery finally takes hold - that is, IF interest rates don't blow up into the 7% or higher margins.

    At present, lending is still too slow - too restrictive. Buyers with decent credit continue to find it tough to get a loan.

    Hopefully 5% down conventional loans will return once the market fully stablizes. That, along with reasonable interest rates of 6% or lower will create a solid bottom and allow appreciation of home values to begin in earnest at a rate of 4-6% per year.

    If Republicans make significant gains in 2010, this will increase that likelihood...
     
    • Thank You! Thank You! x 1
  7. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    Easy and below-natural-market-rate credit, extended to people who eventually weren't be able to pay of the mortgages, is what got us into this problem, you insane nitwit.
     
    • Thank You! Thank You! x 1
  8. Chris
    Offline

    Chris Gold Member

    Joined:
    May 30, 2008
    Messages:
    23,154
    Thanks Received:
    1,958
    Trophy Points:
    205
    Location:
    Virginia
    Ratings:
    +2,089
    Link?
     
  9. Dr.House
    Offline

    Dr.House Lives on in syndication!

    Joined:
    Jun 27, 2009
    Messages:
    14,800
    Thanks Received:
    3,482
    Trophy Points:
    48
    Location:
    Princeton/Plainsboro
    Ratings:
    +3,488
    Kind of hard to buy a house if you're out of work, though..
     
  10. Sinatra
    Offline

    Sinatra Senior Member

    Joined:
    Feb 5, 2009
    Messages:
    8,013
    Thanks Received:
    1,005
    Trophy Points:
    48
    Ratings:
    +1,005

    That's all me kid....
     

Share This Page