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Housing Stats from Last Week

December 1, 2011

The patient approach advocated by the 1st Marquess of Halifax is proving to be the right tactic for mastering today’s housing market. Last week, October Existing Home Sales inched up to an annual rate just under 5 million units. And although things appear to be improving only slowly, existing home sales are actually UP 13.5% from a year ago.

Even better, the months’ supply of existing homes fell to 8.0 and inventory is now down 13.8% versus a year ago. The naysayers jumped on the fact that the median price was also down. But a large portion of October sales came from distressed properties whose prices are heavily discounted. Although some see this as a negative, it’s what’s needed for inventories to be worked down and for the housing market to recover.

BUSINESS TIP OF THE WEEK…Planning is important but stay flexible. The unexpected often happens in business and flexibility keeps you open to the creative thinking needed to succeed.
Courtesy of George Hagar at Prime Lending
Mortgage Loan Officer
4 Venture #100
Irvine, CA 92618
714.309.5665 | P
877.895.1813 | F

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