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Florida home sales slump in October

BUILDER Online |

In Brief...

Florida sales of existing homes slumped last month as many foreclosures remain in limbo and loan qualifications tighten. Statewide, single-family home sales dropped 12 percent in October from the previous month, and fell 21 percent compared to the same time in 2009. The median sales price also dipped to $136,600, a 3 percent decline from October 2009, according to a report today from the Florida Realtors. In Palm Beach County, sales fell 10 percent from September, and 14 percent from October 2009. The moratoriums, which were announced in late September and early October by some of the nation's largest lenders, halted the processing of foreclosures, including selling foreclosed homes that had already been repossessed by the banks. October home sales also were down nationally, falling 2.2 percent from September, and 26 percent from the same time in 2009, according to the National Association of Realtors. Yun was optimistic about sales picking up, noting record low interest rates that fell to 4.23 percent in October from 4.35 percent in September.

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