Existing-home sales near 5-year high

Existing-home sales, prices and inventory saw dramatic changes in 2012 reminiscent of the housing boom, statistics released by the NATIONAL ASSOCIATION OF REALTORS®. At 4.65 million units, 2012 existing-home sales were up 9.2 percent from 2011, according to NAR’s preliminary totals for the year. That would be the highest volume since 2007, when 5.03 million …

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Congress votes to restore FHA loan limits

House and Senate leaders signed off on a conference report for a “minibus” appropriations bill that included language restoring FHA’s ability to insure loans of up to $729,750 in high cost markets through 2013. Because the minibus appropriations package also contains a continuing resolution to avoid a government shutdown and continue federal operations until Dec. …

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California housing affordability rises in Q3

Housing affordability increased in 22 of the state’s 28 metropolitan areas in the third quarter, according to the California Building Industry Association’s Housing Opportunity Index (HOI). On a statewide basis, the HOI found that a family earning the median income could have afforded 63.5 percent of the new and existing homes that were sold during …

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New-home sales edge higher

New-home sales edged slightly higher last month, as more Americans hunted for bargains in the struggling housing market. The Census Bureau reported an annual sales rate of 307,000 new homes last month, up 1.3% from a downwardly revised rate of 303,000 homes in September. Compared to new home sales a year ago, October sales were …

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