3rd Quarter Real Estate Market Updates
Overall home sales for 45 states and the District of Columbia climbed in the 3rd quarter of this year, although prices were still lower than those from this same time last year. This turn around is good news, except for four states that is! Unlike the well-distributed increase in existing home sales activity, foreclosures were dominated by four key states. California, Florida, Illinois and Michigan accounted for 52 percent of the total foreclosure activity in October, RealtyTrac reported. For buyers in these states this could be a good thing, because prices on foreclosures are usually lower than prices for homes sold by individual sellers. Individual sellers will not be happy with these facts; however, because foreclosures in their areas could bring down the value of their home's. Let's just hope that with the extension of the home buyer tax credit that the real estate market gets a much needed boost!