Hope everyone is doing well.
The National Association of Realtors, or NAR, just released their figures for Existing Home Sales in October, and some the highlights were:
* Existing-home sales rose 13.5% from October 2010 to October 2011.
* Regionally, the Midwest had the highest increase (19.6%)
* Over the September - October period, contract failures soared 18% to 33%
* Unsold Housing Inventory is on the decline.
With the solid 12-month figures, the shorter term figures were not as impressive, and as Lawrence Yun, NAR chief economist, said; "Many people who are attempting to buy homes are thwarted in the process”.
One of the major factors was the spike in contract failures, which can happen for any number of reasons, including declined mortgage applications, appraised value below the negotiated price, etc.
One glimmer of hope, as I see it, is the drop in foreclosure inventory. If we see that inventory devoured, things will look even more promising, since there is a heck of a lot of it out there !
What is your interpretation of this data?
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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com
TAGS: #ExistingHomeSales #UnsoldHousingInventory #contractfailures #declinedmortgageapplications #appraisedvalue #foreclosureinventory #NAR