Distressed Sales Spur Feb. Jump in Existing Home Sales
Existing home sales rose 5.1 percent in February, partly thanks to sales of distressed properties, according to statistics released moments ago by the National Association of Realtors.
If that's the good news, here's the bad news: Sales of distressed properties -- which include foreclosures -- accounted for nearly half, or 45 percent, of February sales. Which means bargain hunters are pushing the market.
The median price of an existing home one year ago was $195,800. In February of this year, that number had dropped to $165,400, the second-lowest drop on record.
Overall, home prices are down about 28 percent from their 2006 peak.
The Realtors said that a nearly 10-month inventory of homes remains, which is keeping prices down.
Posted by: dottydo | March 23, 2009 11:53 AM | Report abuse
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