Existing Home Sales Hit 5-Year High in 2012

Existing Home Sales Hit 5-year High in 2012
By Ruth Mantell
(MCT)—Sales of existing homes ticked down in December from the month before, while the total for 2012 hit the highest level in five years, according to data released Tuesday by the National Association of REALTORS®. The pace of sales fell 1 percent in December to a seasonally adjusted annual rate of 4.94 million, according to NAR. For all of 2012, existing-home sales hit 4.65 million, the highest level since 2007 and up 9.2 percent from 2011. “Record-low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive Read More >				mortgage underwriting standards are limiting sales,” ..	.