Home sales ahead of 2010

The monthly Remax National Housing Report found home sales in August have reached a level 18 percent higher than reported in August 2010. The inventory of homes on the market dropped for the 14th consecutive month, keeping total inventory 19 percent below the level seen at the same time last year.

While June is typically the most popular month for home sales, in 2011 July and August experienced sales numbers higher than in July and August of 2010. Compared to prices last year, the median home price has increased for the last 5 months, with the price in August just 3.6 percent below the price in 2010.

My San Antonio recently reported that the number of home sales in the area jumped 9.5 percent in August compared to the same month in 2010. In addition, the city's foreclosure postings dropped 31 percent. James Gaines, research economist with the Real Estate Center at Texas A&M University, told the news source, he predicts by the end of the year San Antonio will see more home sales than in 2010, despite there only being 1,024 properties listed for sale compared to 1,482 that were listed in August 2010.

But Gregg Stanley of RexReport.com told the news source that lenders have slowed down the posting process to make sure all the paperwork is accurate. After many mortgage servicers came under fire recently for shoddy paperwork and robo-signing, banks are being more careful with their processing. 

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