Unexpected Jump in Home Sales in February:
-Sales of existing homes rose from January to February in an unexpected lift for the slumping housing market as buyers took advantage of deep discounts on foreclosures.
The National Association of Realtors said Monday that sales of existing homes increased 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January. It was the largest sales jump since July 2003.
-That was great news for buyers, who are paying the most attractive prices in years. Plus, interest rates have sunk to historic lows.
You’ll have to click through to the article to read the fine print. ;-) Regardless, it’s good to see a positive spin in the national media instead of the oh so beaten dead horse that is the negative.
“…but are 4.6 percent below the 4.95 million-unit level in February 2008” per NAR:
http://www.realtor.org/press_room/news_releases/2009/03/february_existing_home_sales
Also:
-Distressed properties accounted for 40-45% of all sales
-Home foreclosures were up 30% in February from a year earlier
-Total housing inventory at the end of February rose 5.2% to 3.80 million existing homes available for sale, a 9.7-month supply at the current sales pace.
Wow, way to kill the thread Mikey. I guess the RealtorsTM on this site don’t like to play with real numbers or facts.