Industry News

East Coast real estate brokerage boosts sales

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The Long & Foster Cos. today reported January sales for all of its companies totaled $3.6 billion, an increase of 24 percent over January 2004, marking the best January in the company's 37-year history. The numbers include: Long & Foster Real Estate Inc. with January sales of $2.6 billion, up 27 percent on 8,117 property transactions; Prosperity Mortgage, the firm's mortgage affiliate, reported $256 million in volume of business, an 8 percent decrease over the same month of the previous year, with the decline being in large part due to a decrease in strong refinancing business in 2004. Strong numbers were also posted by Long & Foster Insurance, with $169 million, up 4 percent; and Mid-States Title with $587 million for the month, up 39 percent over the previous January. "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 dr...