Existing home sales surged a record 9.4 percent in September as Americans hurried to take advantage of a tax credit for first-time buyers before it expires next month. Purchases rose to a 5.57 million annual rate, more than expected and the highest in at least two years, according to the National Association of Realtors.
InvestorCompsOnline.com has trained our members to take advantage of this "surge" by teaching them to accurately valuate property and keeping them informed on all the latest trends in the industry.
The September increase in combined sales of single-family houses and condominiums was the largest since comparable records started in'99. This is largely in part due to REO and distressed sales. The share of homes closed as foreclosures or otherwise distressed properties was 29 percent in September from 31 percent in August. REOGoldMiner.com has given access to these properties for many of our InvestorCompsOnline.com members. At REOGoldMiner.com clients can locate and valuate these sought after distressed properties with the click of a button.
InvestorCompsOnline.com's research has shown sales of existing single-family homes climbed 9.4 percent, the biggest gain since'86, to an annual rate of 4.89 million. Sales of condominiums and cooperatives increased 9.7 percent to a 680,000 rate.
Purchases of previously owned homes, which make up more than 90 percent of the market, are tabulated when sales close and therefore reflect contracts signed a month or two earlier. Sales of newly built residences, which make up the rest, are counted when a contract is signed, and may therefore cool months before the tax credit expires. Buyers must close before the Nov. 30 deadline to be eligible for the tax credit.
Many investors are praying for an extension of the tax credit to continue this increase in the market as last month's sales were largely dependent on the tax credit.
Many investors' groups are lobbying to extend the first-time homebuyers credit on concern demand will decrease after it ends. Many senators have tried to convince their colleagues to extend the credit through next June.
Whether the tax credit is extended or not, InvestorCompsOnline.com and REOGoldminer.com provide the tools needed for our members to continue to take advantage of this unique market.
To have access to the abundant REO deals available in this current real estate market visit REOGoldMiner.com and InvestorCompsOnline.com to receive the training necessary to remain successful in this current market. Don't reprint this exact article. Instead, reprint a free unique content version of this same article.
Does this article infringe on a copyright?
If you believe this article has been plagiarized or infringes on a copyright, please contact us immediately via our support desk and provide us with the Title, URL and proof of infringement. Any member found to be in violation of our terms of service will be terminated.
Articles are provided for informational or entertainment purposes only. We do not endorse any of the views or products mentioned within an article, nor is there any financial compensation for said articles. We may, however, be financially compensated by other means. Please read our fullEarnings Disclaimer for details.
![[Valid RSS feed]](http://www.articlegallery.net/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add to Favorites
Publish via HTML
.gif "Free Traffic System - Increase Targeted Website Traffic with Free
Unlimited One Way Links")
