Industry News

Long & Foster real estate sales up

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The Long & Foster Cos. today reported that August sales for all of its companies reached $5 billion, an increase of 26 percent from August 2003. The company said it was the best August in the firm's 36-year history. Long & Foster sales have been up consistently in the first eight months of 2004, the company reported. The numbers include: Long & Foster Real Estate Inc. with sales of $3.4 billion on 11,004 property transactions; Prosperity Mortgage, the firm's mortgage affiliate, $288 million in volume of business, an increase of 27 percent; Long & Foster Insurance, $280 million, off 4 percent over the previous year's August figures; and Mid-States Title, $1 billion for the month, up 28 percent over the previous August. The firm's three affiliates together posted a year-to-date increase of 26 percent. "Real estate continues to be a very good investment in the Mid-Atlantic region. Long & Foster's strong sales volume for the first eight months is a good indi...