U.S Existing Home Sales on the Rise

October 25, 2010 / Russell Legato, Residential Property Analyst

The National Association of Realtors said Monday that United States’ existing home sales surges by 10 per cent for the month of September. NAR reported that the existing homes sales climbed by 10 per cent and to a 4.53 million seasonally-adjusted yearly rate compared to a 4.12 million rate last August.

U.S Existing Home Sales on the Rise

However, the figures for the existing home sales are 19.1 per cent off from the 5.6 million that are sold during the same month last year.

NAR spokesman Walter Molony said that this is the largest monthly increase for the last 28 years. He also said that given the rate of the country’s population growth, the figures should be nearer to 5 million already.

Molony also added that buyers are now responding to low-interest rate for existing home sales, but the lack of job-growth still stands on the way.

The NAR’s estimate of existing home sales and prices go-down-the-drain in February at $164,600, but then it climbs until getting to $183,000 last June.

Chairman Ben Bernanke of the Federal Reserve said that they are looking deeply to see if policies and regulations regarding home owners and improper foreclosures.

Bernaanke also said that the Fed takes disobedience of proper procedures critically.

Molony also said that NAR are hopeful for a decline in terms of existing home sales inventories, because a flattening market price indicates that the market will not go much lower.

Besides the foreclosure subjects, more banks are now facing probable consequences since the mortgage issues which speed up until the existing home sales and housing market disintegrates.

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