Ever-increasing sales are eating up home supply, which is at its worst level recorded since the National Association of REALTORS® started tracking data.
This is great news for real estate note investors, because as the market becomes more competitive for sellers, they will be creating purchase money mortgages (seller notes) in order to sell their properties.
The National Association of REALTORS® (NAR) released its December 2016 Existing Home Sales report, which showed 5.49 million homes sold on a seasonally-adjusted, annualized basis.
An “existing home” is a pre-owned house that is being sold again and does not include newly constructed homes.
December’s reading rounds out 2016, which was the best year for existing home sales since 2006.
Supply reached all-time lows as buyers snatch up every available home. The Existing Home Sales report has not once reported inventory at 3.6 months since the NAR started tracking data in 1999. READ MORE: http://themortgagereports.com/25076/nar-existing-home-sales-december-2016-mortgage
