Charles Rutenberg Realty's Joe Moshé Comments on the Rise in Existing Home Sales in August

Sept. 27, 2010 - PRLog -- Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the rise in existing home sales during the month of August means that the housing market is showing some signs of recovery but that it may take a while until home sales really begin to take off.

The National Association of Realtors recently reported that existing home sales in August were up 7.6% from the previous month. The NAR reported a seasonally adjusted rate of 4.13 million units in August, compared to the seasonally adjusted figure of an upwardly revised figure of 3.84 million units in July. However, last month’s figures were off by 19%, compared to the August 2009 figure of 5.10 million units. (Existing-home sales are completed transactions that include single-family homes, townhouses, condominiums and co-ops.)

“After a major slump in the month of July, the housing market showed signs of improvement in the month of August, which is what the Real Estate industry really needed,” Mr. Moshé said. “This does not mean that we are out of the woods yet. The recovery process for the housing market is going to take a very long time.”

Meanwhile, mortgage rates once again hit record lows. According to Freddie Mac, the national average for a 30-year fixed rate mortgage fell in August to 4.43%, down from 4.56% in July. The rate was 5.19% in August 2009.

“Despite the absence of a federal tax credit, more people felt confident enough to purchase a home,” Mr. Moshé said. “The job market and the economy had improved and those who could afford to buy a house took advantage of the opportunity to do so. Those homebuyers were also fortunate enough to get low interest rates on their mortgages.”

Whether the upward trend will continue, Mr. Moshé said, “It will depend on the economy in the coming months. Also, the government has added more regulations that will make it more difficult for prospective homebuyers to obtain a mortgage. That may impact home sales in the future.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 900 Agents on Long Island, Queens and Westchester. For more information, call (516) 575-7500, or visit www.crrli.com.

# # #

About Charles Rutenberg Realty
Founded in 2006, Charles Rutenberg Realty of New York is one of the nation’s fastest-growing, most progressive Real Estate Agencies with over 900 Agents on Long Island, Queens and Westchester. Charles Rutenberg Realty specializes in residential properties in Nassau, Suffolk, Queens, Kings and Westchester Counties. Among the 1,900 independent Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty has the highest market share for available inventory, listings taken for the first six months of the year and listings under contract. Its Agents are trained in the latest creative marketing programs and can fulfill all their clients’ financial and personal needs when buying or selling a home. Charles Rutenberg Realty is headquartered in Plainview, New York, with offices in New York City, Florida and Illinois. For more information, call (516) 575-7500 or visit www.crrli.com.