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Wednesday, April 27, 2011

Existing Home Sales Rise

R I S M  E D I A, April 21, 2011—Sales of existing-home sales rose in March 2011, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops.


All-cash sales were at a record market share of 35% in March, up from 33% in February; they were 27% in March 2010. Investors accounted for 22% of sales activity in March, up from 19% in February; they were 19% in March 2010. The balance of sales were to repeat buyers.


Some renters are looking to homeownership as a hedge against inflation. The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years. As buyers gain more financial security, the advantages of homeownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.


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