RSS Facebook Twitter LinkedIn
 


Featured Advisor



Asset Preservation Advisors




City:Atlanta

State: GA



BIOGRAPHY:
APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

Click to see the full profile


Share |

Existing Home Sales Sag in September

It would take more than 8 months to sell the supply

| BY Adriana Reyneri

Sales of existing homes dropped 3 percent in September, according to a report released today by the National Association of Realtors. Sales fell to a seasonally adjusted annual rate of 4.91 million. The decline is attributed to a 3.6 percent dip in single-family homes that offsets a 1.9 percent rise in condos. It would take 8.5 months to sell these homes. Total sales in 2010 were 4.91 million, compared to a peak of 7.07 million in mid-2005.  Existing home sales represent the number of previously constructed homes, condominium and co-ops in which a sale closed during the month. Existing homes comprise a larger share of the market than new homes and indicate housing market trends.   A report released yesterday by the Commerce Department found that uilders began work on 658,000 houses, a 15 percent increase from August, Multifamily starts rose to the highest since October 2008. Building permits, though, an indicator of future construction, declined to a five-month low, indicating that foreclosures are adding to the supply of unsold homes and bringing down property values, Bloomberg reported.