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Existing Home Sales Climb for September

By AgentImage, Tuesday, October 26, 2010
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The National Association of Realtors released their September report on Monday – Sales of previously owned homes rose 10% from August to September to an annual rate of 4.53 million units.

There’s lots of chatter on both sides of the fence on this report. The “half empty” doomsayers, highlight the 4.53 million is well below the 5 million units / month pace we experience in a healthy market – and the “half full” camp is highlighting 4.53 is considerably more than 4% rise to 4.3 million which was predicted by most economists and the greatest monthly gain in 28 years!

Both are correct, but PLEASE people this is EXACTLY what people in the industry, like myself, have been saying…“While the worst may be behind us we will be bobbing along the bottom for sometime…after all we enjoyed quite a L-O-N-G ride up…corrections need time.” And quite frankly they keep worsening the problem with moves like the most recent moratorium on foreclosure sales – Do it right the first time – PLEASE!