In May of 2013, home sales rose 4.2% in the United States. This on an annualized rate would amount to 5.2 million home sales in the United States for the year 2013. The last year when there were more than 5 million home sales of occupied homes in the Unites States was 2009. It should be noted during 2009 there was a home buying tax credit which inflated the number of homes sold. The median price of homes sold in 2013 so far is $208,000.
Strong Housing Market
Jim O’Sullivan, the Chief United States economist at High Frequency Economics, recently stated “housing is now the strongest part of the economy in growth terms.”
Foreclosed Homes
The number of homes taken in foreclosure in the United States by financial institutions is decreasing. However, homes foreclosed on by banks still represent a larger portion of the homes being sold on the market than existed prior to the real estate and mortgage crisis. Prospective purchasers are buying homes they feel are priced to sell.
About The Author
Elliot S. Schlissel, Esq. is a foreclosure lawyer. He and his staff of attorneys represent families whose homes are in foreclosure and are seeking mortgage modifications. Elliot’s motto is “I can keep you in your home!”
