Industry News

Sales soar for East Coast real estate brokerage

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The Long & Foster Cos. on Monday reported October sales for all of its companies totaled $4.6 billion, an increase of 24 percent over October 2003. The company said it was the best October in its 36-year history. Long & Foster sales continued strong for the first ten months of 2004, and they are up a dramatic 30 percent year-to-date-over last year's record levels, the company reported. The numbers include: Long & Foster Real Estate Inc. with October sales of $3.2 billion, up 24 percent on 10,081 property transactions; Prosperity Mortgage, the firm's mortgage affiliate, which reported $297 million in volume of business, up 18 percent, and Long & Foster Insurance, $263 million, up 11 percent. Strong numbers were also posted by company-affiliate Mid-States Title with $809 million for the month, up 13 percent over the previous October. "Mortgage rates are at their lowest level in six months, spurring sales of new and existing homes," said Wes Foster, chairman of the board and chief execu...