Existing Home Sales Rise in October

The National Association of Realtors reported today that the total existing home sales for October increased by 1.4% from September and 13.5% above October 2010 sales.

Meanwhile, some areas in the country are experiencing a decrease in available foreclosure properties for sale. Chief economist, Lawrence Yun, states, “In some areas we’re hearing about shortages of foreclosure inventory in the lower price ranges with multiple bidding on the more desirable properties. Realtors® in such areas are calling for a faster process of getting foreclosure inventory into the market because they have ready buyers. In addition, extending credit to responsible investors would help to absorb inventory at an even faster pace, which would go a long way toward restoring market balance.” http://bit.ly/vUXKML

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