Existing-Home Sales Jump Nearly 19% From Last Year

Sales of previously owned homes came in 18.6 percent higher last month when compared to August 2010, according to data released Wednesday by the National Association of Realtors (NAR). Completed transactions rose 7.7 percent on a month-over-month basis to a seasonally adjusted annual rate of 5.03 million, up from 4.67 million in July. The latest …

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The distressed market is holding housing back

The Federal Reserve says it will complete its purchases of $600 billion in Treasury securities by the end of this month as planned – a program that Fed Chairman Ben Bernanke says has succeeded in keeping mortgage interest rates low. These low interest rates combined with the reduction in home prices endured over the last …

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Fannie Mae sees slight housing market improvement

Fannie Mae’s latest market outlook continues to call for a “modest improvement” in housing activity this year, although the prevalence of distressed properties on the market has led to renewed weakness in home prices and the industry’s shadow inventory looms large. The GSE’s chief economist notes that as the economic recovery approaches its two-year anniversary …

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Distressed Properties Account for 39% of Home Sales

Data released by the National Association of Realtors (NAR) Tuesday show that distressed properties, including bank-owned homes and pre-foreclosure short sales, made up 39 percent of the first quarter’s existing-home sales. That’s up from 36 percent a year earlier. Overall, sales of previously owned homes rose to an annual rate of 5.14 million units during …

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