House’s sell due to tax credit & REO’s are leading the way!!!

Sales of existing U.S. homes surged a record 9.4 percent in September as Americans rushed to take advantage of a tax credit for first-time buyers before it expires next month. Purchases rose to a 5.57 million annual rate, more than forecasted and the highest in more than two years, the National Association of Realtors stated in a recent article.

InvestorCompsOnline has helped our members to take advantage of this “surge” by teaching them to accurately valuate property and keeping them informed on all the latest trends in the industry.

The September increase in combined sales of single-family houses and condominiums was the biggest since comparable records began in 1999. This is largely in part due to REO deals. The share of homes sold as foreclosures or otherwise distressed properties was 29 percent in September from 31 percent in August. REO Gold Miner has provided access to these deals for many of our ICO members. At REO Gold Miner members can find and valuate these “in demand” distressed deals with the click of a button.

InvestorCompsOnline research has shown sales of existing single-family homes climbed 9.4 percent, the biggest gain since 1986, to an annual rate of 4.89 million. Sales of condominiums and cooperatives increased 9.7 percent to a 680,000 rate. This is huge, but you better believe REO’s help lead the way in this category as well.

Many investors are hoping for an extension of the tax credit to continue this surge in the market as last month’s sales were heavily dependent on the tax credit. The tax credit is important to investors since it helped move their rehabbed REO inventory.

Many Realtors’ groups are lobbying to extend the first-time homebuyers credit on concern demand will wane after it lapses. Many senators have urged their colleagues to extend the credit through next June.

Whether the tax credit is extended or not, InvestorCompsOnline and REO GoldMiner provide the tools needed for our members to continue to take advantage of this unique and very profitable market.