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Finally some good news for real estate
Finally some good news for housing, according to news reports last week sales of existing homes posted a slight increase for the first time in 6 months. Last months gains were driven by more aggressive price cutting by sellers in many parts of the country.  In the South, existing-home sales increased 2.1 percent to an annual rate of 1.99 million in February but are 22.0 percent below February 2007. The median price in the South was $163,400, down 8.6 percent from a year ago.The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. Many economists were predicting a small decline and were caught by surprise with the largest increase in the past 12 months. The NAR reported that the median sales price of single family homes fell 8.7%to $213,500 from February 2007. I do not want to read too much into the one-month rise in sales. The slump in Blue Ridge housing market will likely continue until the high levels of unsold inventories are reduced. Coldwell Banker High Country Realty experienced an increase in activity with 37 sides going to contract for the month ... more

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