Sales of previously owned homes posted another big gain in November, nearly doubling market forecasts, as buyers rushed to take advantage of bargain prices and beat the pre-extension deadline of the federal tax credit. The National Association of Realtors said Tuesday that existing-home sales rose 7.4 percent to an annual rate of 6.54 million units last month. It's hard to argue that the housing sector isn't on the mend, when the November sales numbers represent a 44 percent increase over a year ago and the annual rate is at its highest level since February 2007.
According to Remington Financial Group, a capital services company based in Scottsdale, Arizona, a lack of bank liquidity poses a severe threat to the U.S. commercial real estate market, with a staggering $1.2 trillion in debt due to mature by 2012 and limited options for refinancing. "The commercial real estate industry is a disaster waiting to happen," said Andy Bogdanoff, founder and chairman of the company.
President Barack Obama summoned the CEOs of 12 small and community banks from across the country to the White House Tuesday for a face-to-face sit-down to address their roles in the nation's economic recovery. Topping the list for discussion - lack of lending to small businesses. "The pendulum might have swung too far in the direction of not lending after decades of too much of a focus on getting money out the door," the president told reporters after emerging from the meeting.
As the government looks to further stimulate the housing market in the face of a steadily rising national inventory of HUD foreclosures, huge savings are being realized on these properties, according to Annapolis, Maryland-based Heavy Hammer, Inc. The online networking and consulting company cited a recent study showing government foreclosures are routinely underpriced by 8 to 10 percent.
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