At the end of the month the number of homes for sale in Morris Plains have fallen to 32.  So far in October we have had 10 homes go under contract.  These homes have been on the market for and average of 66 days.  This is pushing the absorption rate for the town down to  around 3 to4 months.   This is very Good

Other good news is the that the country’sGDP.  The United States Fouth Quarter GDP has risen to 3.5 pct.  This is well above analysts projections.  Needless to say this is having a positive affect on the Dow.

Other possible good news is that the $8000 First Time Home Buyers Tax Credit may be extended.  Not only will it be extended there is talk that it will be extended to current home owners as well.  I will keep you all posted on this very real and promising announcement.

Bob Sittmann  Morris Plains NJ Homes 

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