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Cash Buyers Stimulate Existing Home Sales in Oakland Ca as an FHA Buyer YOU ARE SCREWED!
 
Oakland,CA: Bay Area home sales have dropped since December, but sales are still higher in early 2011 than they were during the same period in 2010, a real estate information service said.
 Existing home sales track the number of Single family Homes, Town Homes, Condo’s and Co Ops. Each Month the National Association of Realtors receives data on existing-home sales from local associations/boards and multiple listing services (MLS) nationwide.
 In January 2011 the NAR reported sales increasing from the previous year for three consecutive months. Existing-home sales in the West rose 7.9 percent to an annual level of 1.37 million in January and are 7.0 percent above January 2010. Distressed homes were 37 percent of the market share. Lawrence Yun, NAR chief economist, said the improvement is good but could be better.
 
 “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”
All-cash sales rose to 32 percent in January from 29 ... more

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