Sales of existing U.S. homes surged a record 9.4 percent in September as Americans rushed 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 forecast and the highest in more than two years, the National Association of Realtors said today in Washington.
InvestorCompsOnline.com has trained our members to take advantage of this "surge" by teaching them to accurately valuate property and keeping them informed on all the latest trends in the industry.
The September increase in combined sales of single-family houses and condominiums was the biggest since comparable records began in 1999. This is largely in part due to REO deals. The share of homes sold as foreclosures or otherwise distressed properties was 29 percent in September from 31 percent in August. REOGoldMiner.com has provided access to these deals for many of our InvestorCompsOnline.com members. At REOGoldMiner.com members can find and valuate these in demand distressed deals with the click of a button.
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 more than 90 percent of the market, are tabulated when 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 before the tax credit expires. Buyers must close before the Nov. 30 deadline to be eligible for the tax credit.
Many investors are hoping for an extension of the tax credit to continue this surge in the market as last month's sales were heavily dependent on the tax credit.
Many investors' groups are lobbying to extend the first-time homebuyers credit on concern demand will decrease after it ends. Many senators have tried to convince their colleagues to extend the credit through next June.
Whether the tax credit is extended or not, InvestorCompsOnline.com and REOGoldminer.com provide the tools needed for our members to continue to take advantage of this unique market. - 31862
InvestorCompsOnline.com has trained our members to take advantage of this "surge" by teaching them to accurately valuate property and keeping them informed on all the latest trends in the industry.
The September increase in combined sales of single-family houses and condominiums was the biggest since comparable records began in 1999. This is largely in part due to REO deals. The share of homes sold as foreclosures or otherwise distressed properties was 29 percent in September from 31 percent in August. REOGoldMiner.com has provided access to these deals for many of our InvestorCompsOnline.com members. At REOGoldMiner.com members can find and valuate these in demand distressed deals with the click of a button.
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 more than 90 percent of the market, are tabulated when 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 before the tax credit expires. Buyers must close before the Nov. 30 deadline to be eligible for the tax credit.
Many investors are hoping for an extension of the tax credit to continue this surge in the market as last month's sales were heavily dependent on the tax credit.
Many investors' groups are lobbying to extend the first-time homebuyers credit on concern demand will decrease after it ends. Many senators have tried to convince their colleagues to extend the credit through next June.
Whether the tax credit is extended or not, InvestorCompsOnline.com and REOGoldminer.com provide the tools needed for our members to continue to take advantage of this unique market. - 31862
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To have access to the lucrative REO deals available in this current real estate market visit REOGoldMiner.com and InvestorCompsOnline.com to receive the training necessary to remain successful in this current market.
