ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/29/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/29/2011

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE

These are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

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New-home sales edged slightly higher last month, as more Americans hunted for bargains in the struggling housing market. The Census Bureau reported an annual sales rate of 307,000 new homes last month, up 1.3% from a downwardly revised rate of 303,000 homes in September. Compared to new home sales a year ago, October sales were up 8.9%.

The 307,000 rate fell just short of expectations. Economists had forecast a sales rate of 312,000 new homes, according to consensus estimates from Briefing.com. While the higher rate in October indicated that consumers are chipping away at the huge inventory of homes on the market, there’s still a long way to go. There were about 162,000 new homes on the market by the end of October. That represented a 6.3-month supply at the current rate of sale. The median sale price was $212,300.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Last week, a separate report showed that more house-hunters are also eyeing previously owned homes. Sales of existing homes rose 1.4% in October, slightly more than economists had expected, according to the report.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

At the same time, an increasing number of homebuilders are making plans to build houses and breaking ground on new construction, with building permits and housing starts climbing in October, according to a report released earlier this month.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Continued gains in home sales have lightened up the inventory of homes on the market, the report showed. Total housing inventory at the end of October slipped 2.2% to 3.33 million existing homes for sale, representing an 8-month supply at the current sales pace. That’s down from an 8.3-month supply in September, and continues an ongoing downward trend since hitting a record high of 4.58 million in July 2008.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Foreclosures and short sales dropped to 28% of sales in October, down from 30% in September. Even as the stockpile of homes on the market eases, housing prices are continuing to dip. The median price for an existing home was $162,500 in October, 4.7% lower than a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL- 11/29/2011

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