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Private Seller – Purpose of the Phone Call

 Powered by Max Banner Ads A video used to be embedded here but the service that it was hosted on has shut down. Private Sellers will pose many problems for the real estate agent, so as a Realtor it is important to understand what the...

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Home sales hit 13-year low in United States

Posted by James Osmar | Posted in Real Estate News | Posted on 20-01-2011

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WASHINGTON - The number of Americans who bought previously        Real Estate Slide
owned homes last year fell to the  lowest level in 13 years, and
economists say it will be years before the housing market fully recovers.

High unemployment and a record number of foreclosures are deterring potential buyers who fear home prices haven't reached the bottom. Job growth is expected to pick up this year, but not enough to raise home sales to healthier levels.

"We built too many houses during the boom, and now after the crash, it will take us a long time to
get back to normal," said David

Wyss, chief economist at Standard & Poor's in New York.

The National Association of Realtors reported Thursday that sales dropped 4.8 per cent to 4.91 million units in 2010. That was slightly fewer than in 2008, which had been the weakest year since 1997.

The poor year for sales did end on a stronger note. Buyers snapped up homes at a seasonally adjusted annual rate of 5.28 million units in December, the best sales pace since May and the 12.8 per cent rise from November was the biggest one-month surge in 11 years.

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