Distressed Sales a combination of Short Sales and
Foreclosure Sales are declining in the Mid Atlantic area Oct 2012 at 20.7 down
from 31.2 Oct 2011
Although that doesn’t mean individual home sales will
increase immediately because many home are still underwater. It does mean that new home sales are up taking
the place of those distressed sales. These new home sales will lead to construction
jobs and increased appliance sales This mini rebound has helped Home Depot sales
that are up for the sixth straight quarter. Some stores up 4.2%. Are we out the
woods? Not really, beware of the SHADOW INVENTORY- an estimated 1.2 million
homes are still lurking. But we are seeing a light at the end of the tunnel and
this time it isn’t the train.
If you are contemplating purchasing
your first home in the near future, I suggest you begin working with a
loan officer to see if you are pre-qualified or find out what it takes to
purchase your first home.
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