Industry News

Long & Foster real estate sales hit $56.3 billion

East Coast brokerage tops record

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The Long & Foster Cos. reported that 2004's sales for all of its companies reached a record high of more than $56.3 billion, with sales increasing 30 percent from the previous year. All of The Long & Foster Cos. reported all-time company record sales last year, including: Long & Foster Real Estate Inc., with sales of $39.1 billion on 124,256 properties sold, up 32 percent over 2003; Prosperity Mortgage, the firm's mortgage affiliate, $4 billion in volume, up 4 percent; Long & Foster Insurance, $3 billion in volume, up 14 percent; and Mid-States Title, $10.2 billion in volume, up 40 percent.   "It was another year of unprecedented growth for Long & Foster and for the real estate industry," Wes Foster, chairman of the board and chief executive officer of The Long & Foster Cos., said. "The Washington, D.C./Baltimore region has demonstrated incredible growth over the past seven years. Job growth in the region has been the best predictor of the real es...