Despite a meltdown in financial markets, a credit freeze and soaring unemployment, housing markets fared better than expected in October.
The number of homes under contract to be sold fell by just 1% year over year according to a report out today from the National Association of Realtors (NAR), and were down 0.7% from September. Analysts surveyed by Briefing.com had expected pending sales to slip by 3.6% year over year, and by 3% from September.
The condition of the housing market varies considerably around the country, according to NAR.
Many of the one-time bubble markets in Florida and California are now showing substantial sale gains from their depressed levels over the past couple of years. Sharp price declines in these markets have attracted bargain hunting buyers.
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