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The Factor Driving Home Sales: Fear

Leonard152 Wrote: Aug 26, 2012 1:51 AM
Excellent article Mr. Pfister. Obama is to the real estate market and the economy what blood-letting was to the medical profession in George Washington's time. It killed the patient more often than not.

The National Association of Realtors reports home sales up 10.4% in July of 2012 compared to July 2011. The median sale price was up to $187,300.

Unemployment was also up in July. So if there are fewer people working able to qualify for a home purchase, the rising number of home sales has to be due to record low interest rates and pent up demand. That and investors snatching up short sales and foreclosed properties.

Lawrence Yun chief economist for the National Association of Realtors said; “However, the market is constrained by unnecessarily tight lending standards and shrinking inventory...