Existing home sales surged a record 9.4 percent in September as Americans hurried to take advantage of a tax credit for first-time buyers before it expires next month. Purchases rose to a 5.57 million annual rate, more than expected and the highest in at least two years, according to the National Association of Realtors.
InvestorCompsOnline.com continues to train our members to take advantage of this "surge" by training them to accurately valuate houses and keeping them informed on all the recent trends in the industry.
The September increase in combined sales of single-family homes and condominiums was the highest since comparable records began in 1999. This is mostly in part due to REO deals. The amount of homes sold as foreclosures or otherwise distressed homes was 29 percent in September from 31 percent in August. REOGoldMiner.com has provided access to these homes for many of the InvestorCompsOnline.com members. At REOGoldMiner.com members can find and valuate these in demand REO deals with a simple click of a mouse.
InvestorCompsOnline.com's research has shown sales of existing single-family homes increased 9.4 percent, the biggest increase since 1986, to an annual rate of 4.89 million. Sales of condominiums and cooperatives climbed 9.7 percent to a 680,000 rate.
Purchases of previously owned homes, which make up greater than 90 percent of the market, are tabulated after sales close and therefore reflect contracts signed a month or two earlier. Sales of newly built residences, which make up the rest, are counted when a contract is signed, and may therefore cool months prior to the tax credit expires. Buyers have to close before the Nov. 30 deadline to be eligible for the tax credit.
Many investors are praying for an extension of the tax credit to continue this increase in the market as last month's sales were largely dependent on the tax credit.
Many Realtors' groups are petitioning to extend the first-time homebuyers credit on concern desire will wane when it lapses. Many senators have begged their colleagues to extend the credit until next June.
Whether the tax credit is extended or ended in November, InvestorCompsOnline.com and REOGoldminer.com have the tools necessary for our members to continue to take advantage of this unique market. - 31862
InvestorCompsOnline.com continues to train our members to take advantage of this "surge" by training them to accurately valuate houses and keeping them informed on all the recent trends in the industry.
The September increase in combined sales of single-family homes and condominiums was the highest since comparable records began in 1999. This is mostly in part due to REO deals. The amount of homes sold as foreclosures or otherwise distressed homes was 29 percent in September from 31 percent in August. REOGoldMiner.com has provided access to these homes for many of the InvestorCompsOnline.com members. At REOGoldMiner.com members can find and valuate these in demand REO deals with a simple click of a mouse.
InvestorCompsOnline.com's research has shown sales of existing single-family homes increased 9.4 percent, the biggest increase since 1986, to an annual rate of 4.89 million. Sales of condominiums and cooperatives climbed 9.7 percent to a 680,000 rate.
Purchases of previously owned homes, which make up greater than 90 percent of the market, are tabulated after sales close and therefore reflect contracts signed a month or two earlier. Sales of newly built residences, which make up the rest, are counted when a contract is signed, and may therefore cool months prior to the tax credit expires. Buyers have to close before the Nov. 30 deadline to be eligible for the tax credit.
Many investors are praying for an extension of the tax credit to continue this increase in the market as last month's sales were largely dependent on the tax credit.
Many Realtors' groups are petitioning to extend the first-time homebuyers credit on concern desire will wane when it lapses. Many senators have begged their colleagues to extend the credit until next June.
Whether the tax credit is extended or ended in November, InvestorCompsOnline.com and REOGoldminer.com have the tools necessary for our members to continue to take advantage of this unique market. - 31862
About the Author:
To have access to the lucrative REO deals available in this current real estate market visit REOGoldMiner.com and InvestorCompsOnline.com to get the training necessary to remain successful in this current market.
