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Home Sales Up 24.2% in November |
November
sales of existing homes in the 4-county Metropolitan Milwaukee housing
market were up 24.2% compared to November 2011. 1,202 homes sold vs.
968 in November 2011.
For the year, sales are up 25.7% compared to 2011 (14,937 vs. 11,881),
and up 29.4% in contrast to 2010 (11,539), as buyers take advantage of
historically low interest rates and low prices, although availability is
limited.
At the end of the 3rd quarter, the GMAR predicted that year-end sales
would top 15,000 units. With the strong fall market 15,000 units is all
but assured, and 16,000 is very possible. The last time the Milwaukee
market sold more than 16,000 units in a year was 2007, the beginning of
the real estate recession.
GMAR brokers are excited to finish the year on a strong note, and hopes
are high that the federal government will avert any dramatic shock to
the economy or financial markets by avoiding the “fiscal cliff.”
Lenders are still very shy about making mortgage loans, even to home
buyers with good credit; and any shock to the credit markets will
lengthen an already long housing recovery.
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