Gary's Blog

Saturday, October 24, 2009

HUGE Gains in Home Resales

After jumping 9.4% in September, home resales are up nearly 24% from the bottom in January, according to the National Association of Realtors. Sales increased last month by the largest amount in more than 26 years!

In another positive sign, the inventory of unsold homes on the market fell almost 8% to 3.6 million. That's less than an eight-month supply at the current sales pace, and the lowest level since March 2007.

The competition for low-priced foreclosures has become fierce in places like Las Vegas and Southern California. Aldo Martin of Covina, CA, had to put offers on 16 houses before having one accepted this week.

Maui buyers- what we see in So Cal, we see on Maui. Get your checkbooks ready, the race will begin on 12/15 when high season hits the Hawaiian Islands.

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