EXISTING HOME SALES

Walt Straub — Sat, 06 Mar 2010 16:00:00 GMT

A RECENT SURVEY SHOWED THE SHARE OF FIRST TIME BUYERS IN THE MARKET DECLINED IN JANUARY,WHILE MORE EXISTING HOMES WERE BOUGHT BY INVESTORS.

FIRST TIME BUYERS PURCHASED 40% OF HOMES IN JANUARY,DOWN FROM 43% IN DECEMBER.INVESTORS ACCOUNTED FOR 17% OF TRANSACTIONS IN JANUARY,UP FROM 15% IN DECEMBER.OVERALL ALL BUYER TRAFFIC INCREASED 9.4% IN JANUARY.

FIRST-TIME BUYERS ARE LOOSING OUT TO ALL-CASH INVESTORS FOR THE BEST BARGAINS IN MANY AREAS,PARTICULARLY FOR FORECLOSED HOMES WHERE CASH IS KING.

DISTRESSED HOMES OR FORECLOSURES MADE UP 38% OF SALES LAST MONTH.