ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/27/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/27/2012

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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

More homes went under contract in January compared to December and a year ago, according to an index released today from the National Association of Realtors that tracks pending sales of existing U.S. homes.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

NAR’s Pending Home Sales Index, which is based on purchase contracts signed but not yet closed, rose 8 percent from January 2011 and 2 percent from a downwardly revised 95.1 percent in December, to 97.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

The trend in contract activity implies we are on track for a more meaningful sales gain this year. Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery”

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

The index typically represents about 20 percent of all existing-home transactions nationally. An index score of 100 is equal to the average level of sales contract activity in 2001, which was the first year examined by the trade group and a robust year for existing-home sales. The national index has not been above 100 since April 2010. The South experienced a similar yearly increase in January, 10.5 percent, and the largest monthly increase, 7.7 percent, to 109.1 — the highest index score among the regions.

In its latest economic outlook, also out today, NAR projects existing-home sales will rise 6.8 percent to 4.55 million units in 2012, from 4.26 million units in 2011. In 2013, sales are expected to rise 3.3 percent to 4.7 million. The trade group expects the median price for existing homes to rise a slight 1.1 percent this year, to $168,000, with a subsequent 2.4 percent rise in 2013 to $172,000. NAR predicts rents will rise 3.3 percent this year, followed by a 3.8 percent increase in 2013.

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