ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/23/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/23/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Increased demand from investors and first-time homebuyers helped boost existing-home sales in January — the third increase in the past four months, the National Association of Realtors reported. NAR said total existing-home sales — including single-family homes, townhomes, condominiums and co-ops — were up 4.3 percent from December to January, to a seasonally adjusted annual rate of 4.57 million.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

While that’s essentially unchanged from the same time a year ago, for-sale inventory was down 20.6 percent from a year ago, to 2.31 million homes, a 6.1-month supply of homes at the current pace of sales.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Many housing analysts view a six-month inventory of homes as a good balance between supply and demand — a larger inventory of homes can indicate an oversupply of homes for sale, which can undermine prices. When inventories drop below six months, the shortage of homes for sale can drive up prices. “The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” NAR Chief Economist Lawrence Yun said in a statement.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Yun cited the statistics as evidence that a government proposal to convert bank-owned properties into rentals on a large scale “does not appear to be needed at this time.” NAR said foreclosures and short sales accounted for 35 percent of sales in January, and that the national median existing-home price for all housing types was down 2 percent from a year ago, to $154,700.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Single-family home sales were up 3.8 percent from December to January, to a seasonally adjusted annual rate of 4.05 million. That’s a 2.3 percent increase from a year ago. The median existing single-family home price was $154,400 in January, down 2.6 percent from the same time a year ago.

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