Industry News

East Coast real estate brokerage nails record sales

Long & Foster's production climbs 45% from a year ago

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The Long & Foster Cos. today reported November sales for all of its companies totaled $4.4 billion, an increase of 45 percent over November 2003. The company said it was the best November in its 36-year history. Long & Foster sales continued strong for the first 11 months of 2004, and they are up 30 percent year-to-date over last year's record levels, the company reported. The numbers include: Long & Foster Real Estate Inc. with November sales of $3 billion, up 48 percent on 9,509 property transactions; Prosperity Mortgage, the firm's mortgage affiliate, which reported $308 million in volume of business, up 40 percent; Long & Foster Insurance, $177 million, down 19 percent; and Mid-States Title with $862 million for the month, up 62 percent over the previous November. "Home sales have been unprecedented throughout the year," Wes Foster, chairman of the board and chief executive officer of The Long & Foster Cos., said. "This underscores the economics that are drivin...