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- Day One: NASCAR Champion’s Week In Las Vegas Officially Begins
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Dec. 4, 2013
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- BREAKING... Condolences to Huntington Mayor Steve Williams & Family on the Passing of his Dad.
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- Huntington City Council Agenda
FNC Report: Amid Rapid Declines of Foreclosure Rates and Rising Prices, Prospective Trade-Up Buyers are Returning to the Market; Foreclosure Sales Down to 6-Year Low
On the demand side, steadily rising home prices and an expectation of continued recovery have stimulated housing turnover by prospective buyers who are in a position to take advantage of low home prices, according to the report.
In the meantime, higher home prices are bringing out trade-up demand from existing homeowners who are experiencing rising home equity, which supports a down payment on their next bigger house, the report stated.
The latest July figure shows foreclosed homes accounted for 12.2% of total home sales, approaching the pre-crisis levels
Steadily rising foreclosure price – median foreclosure sales price per square foot up 6.8% since the housing recovery began 18 months ago
Sustaining the ongoing recovery are diminished inventory of distressed homes and fewer new foreclosure filings, as well as a rising participation of trade-up buyers
As of July, average foreclosure sales price is $67 per square foot vs. $118 per square foot among non-foreclosure sales, up 21.7%