ExistingHome Sales Cool for Second Straight Month

first_imgExisting-Home Sales Cool for Second Straight Month November 20, 2013 405 Views Agents & Brokers Attorneys & Title Companies For-Sale Homes Home Prices Home Sales Housing Supply Investors Lenders & Servicers National Association of Realtors Service Providers 2013-11-20 Tory Barringer in Datacenter_img October saw existing-home sales decline for the second straight month as low inventory propped up prices, the “”National Association of Realtors””:http://www.realtor.org/ (NAR) reported Wednesday.[IMAGE]Total existing-home sales–completed “”transactions””:http://www.realtor.org/news-releases/2013/11/october-existing-home-sales-cool-but-low-inventory-drives-prices of single-family homes, townhomes, condominiums, and co-ops–fell 3.2 percent from September to October, coming out to a seasonally adjusted annual rate of 5.12 million. Compared to last year, sales were still up 6.0 percent, marking the 28th consecutive month of year-over-year improvement.””The erosion in buying power is dampening home sales,”” said NAR chief economist Lawrence Yun. “”Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country. More new home construction is needed to help relieve the inventory pressure and moderate price gains.””The national median existing-home price for all housing types was $199,500, up 12.8 percent annually.[COLUMN_BREAK]Part of the rise in median price came from a smaller share of discounted distressed sales: Foreclosures and short sales together made up 14 percent of October’s sales (9 percent foreclosures and 5 percent short sales) compared to 25 percent last year.At the same time, inventory remains a challenge. The total number of existing homes available for sale at the end of October was 2.13 million, down 1.8 percent year-over-year. At the current sales pace, inventory levels come to a 5.0-month supply, NAR reported.As has been the case for some time, the West felt the greatest strain from low supply, reporting a 7.1 percent monthly drop in existing-home sales to a pace of 1.17 million. Compared to October 2012, sales were down 0.8 percent.All the other regions saw declines, though not as dramatic: Existing-home sales fell 2.9 percent in the Northeast to an annual rate of 670,000; 1.6 percent in the Midwest to a rate of 1.22 million; and 1.9 percent in the South to an annual level of 2.06 million.Besides supply problems, another obstacle stands in the way: an “”unnecessarily restrictive”” credit environment, NAR says.””Although mortgage interest rates are still historically affordable, some financially qualified buyers are being denied a loan,”” said NAR president Steve Brown. “”The risk-averse nature of lending also is impacting small builders who are unable to get construction loans, even when they see strong local demand.””We simply have to reverse the pendulum swing back toward the middle to give more creditworthy borrowers access to safe and sound financing.”” Sharelast_img read more

Dallas Texas and Downers Grove Illinois – Report

first_imgDallas, Texas and Downers Grove, Illinois – Reported by Elite Traveler, the private jet lifestyle magazineFlexjet, a leader in business aviation solutions, and luxury travel company Abercrombie & Kent announced an exclusive marketing alliance today to provide value and unique benefits to one another’s customers. Flexjet customers will receive Marco Polo Club benefits, including complimentary access to Abercrombie & Kent’s Private Travel experts to plan dream vacations. Abercrombie & Kent’s Marco Polo Club members will receive generous benefits when purchasing Flexjet fractional shares or jet cards*.“Flexjet’s dedication to providing exceptional travel opportunities for our customers is what attracted us to Abercrombie & Kent,” said Fred Reid, President, Flexjet. “For nearly 50 years, they have been creating once-in-a-lifetime travel experiences and are recognized as one of the world’s most respected luxury-travel operators. We’re thrilled to provide customers with the opportunity to fulfill their own travel dreams with such a trusted partner.”This new alliance gives Marco Polo Club members, Abercrombie & Kent’s most frequent travelers, benefits on Flexjet fractional purchases or jet cards. Flexjet fractional customers will be treated to a three-year Marco Polo Club membership and customized itineraries to coincide with the use of their private jet. Jet Card customers will receive a complimentary one-year membership to the Marco Polo Club, which is currently not available to the public.“We continue to seek and pioneer new ways of exploring the globe and admire this same ambition in Flexjet,” said Geoffrey Kent, Founder and Executive Chairman, Abercrombie & Kent. “We’re pleased to be forging this relationship with a top aviation solutions provider that is also known for setting industry standards and look forward to introducing its customers to some of our favorite hidden corners of the world.”Born in 1962 as a safari outfitter, Abercrombie & Kent’s unparalleled travel and tour operations now extend around the globe to more than one hundred countries on all seven continents. A&K is the choice of travel professionals, voted “Best Luxury Tour Operator – International” by Travel Weekly, “Best Luxury Tour Operator” by Luxury Travel Advisor, “Best Worldwide Tour Operator” by Porthole, and “Best Tour Operator Africa/Middle East” by TravelAge West, Recommend and Vacation Agent.Introduced in 1995, Flexjet is a division of Bombardier, offering access to a full portfolio of aviation solutions including fractional jet ownership, jet cards and charter brokerage services. Flexjet manages the largest fractional fleet of Bombardier business aircraft anywhere in the world, made up exclusively of high-performance Learjet and Challenger aircraft. Flexjet has the distinction of being the first and only fractional program manager to earn the Industry Audit Standard (IAS) registration from the Air Charter Safety Foundation.www.flexjet.com www.abercrombiekent.comlast_img read more