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Flipping Real Estate news- Home sales up?
November 29th, 2009 by admin
The number of new homes that sold in October is only a small seasonally-adjusted 430,000, up from 405,000 a month earlier. Next, increases are localized in the south – everywhere else sales are way down. The $8000 tax credit has also had a positive impact. It was set to expire on Nov. 30, so the few buyers ready to act – not sure if it would be extended or not – rushed in to ink deals in time. The credit has since been extended, of course. Builders already report soft November traffic. Flipping Real Estate reports one private builder in North Carolina – long considered a terrific market because of tech and higher-education employers – reports no shoppers in the first week. “Obviously, the key question is whether this is a true indication of the future or an aberration,” reports Stephen East, an analyst with Pali Capital. “We believe the actual sales number was a bit of an aberration, while the rest of the data in the report is real and continues to show an improving new-home market.”