Short Sales Down By 8.6%

December 24, 2008
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Short sale may be an alternative to facing foreclosure procedures but latest news show that even short sales record has gone down by 8.6% last November. The National Association of Realtors said this is a 10.6% reduction from short sales record during the same period last year. Not only are the sales records down but also the price. The median price for resale homes was pegged at $181,300 in November 2008 but it is now down to $181,300.

Real estate transactions are indeed getting a beating because even new home sales records dropped by 2.9% last month which is a decrease of 35.3% compared to the same period last year as per the Census Bureau. It seems that few people are starting real estate construction projects at this time with the construction and permits rate hitting record lows last month. In California alone only 4,544 residential building permits were issued in November this year which is a 42.9% drop compared to November last year.

The National Association of Home Builders said the rate of prospective real estate buyers have remained low which can result to a proportional low sales rate for the next months.

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