For the third consecutive month, home sales across the United States rose in the month of December 2011. Homes sold at an annual rate of 4.61 million. Up 5.0 percent from November and 3.6 percent from December a year prior. This is an important pick up as the increase in sales of single family homes is important towards the road to recovery.
According to real estate agents, that equates to one in three homes were sold and purchased with cash. While at the same, time, on in three homes sold last month was either through foreclosure or short sale, which means lenders allowed distressed homes to be sold for less than the outstanding debt owed on them.
Based on the recently released numbers, economist believe that there is currently 2.38 million homes available for sale representing a little over 6 months worth of inventory. A number that is favorable towards the future recovery of the housing market.
