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Homes Sales Rise in all 50 States!

November 19, 2011

INFO THAT HITS US WHERE WE LIVE…Like life, the situation in the housing market depends on what we make of it. Last week, both options were covered in the latest quarterly report from the National Association of Realtors (NAR). The good option: home sales in Q3 rose in all 50 states and Washington, D.C. The negative: the median existing single-family home price rose in only 39 of 150 metro areas, declining in 111 of them. Yet the NAR chief economist pointed out that the sales data was encouraging, because “Home sales need to recover first–only then can prices stabilize.”

More good news: inventory levels have been trending gradually down. Good reason for that was offered by NAR President Ron Phipps: “Housing affordability conditions have been at a record high this year, rents are rising and homes are selling for less than the cost of construction in most of the country. For people with secure jobs, good credit and long-term plans, today’s conditions will be remembered as a golden opportunity to enter the housing market.” Another survey told us a mere 5% boost in prices would motivate 11.7% of owners to sell their home.

BUSINESS TIP OF THE WEEK…Failure is a learning opportunity and nothing creative, innovative or exciting happens without risking failure.

Courtesy of
George Hager Prime Lending
Mortgage Loan Officer
4 Venture #100
Irvine, CA 92618
714.309.5665 | P
877.895.1813 | F

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