Distressed Home Sales are still Increasing
Sales of Existing Homes rose 12.3 % in December 2010 which was well above expectations.
Gains were broad based with increases in single family + Condo sales
Distressed transactions however still account for a significant portion of total sales at 36%
which is an increase from 33% in November
Investors accounted for 20% of transactions.
All-cash sales also remain elevated at 29%
Over supply of existing homes remains a challenge
Single Family inventories fell
At the current rate of sales, it would take 78 months to clear the supply of homes.
In the coming months existing home sales should continue to increase modestly as private sector employment growth accelerates.
SO....... We need internal infrastructure jobs back in our country and decrease the out sourcing.
Build, Buy + Sell American!
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