The National Association of Realtors said distressed sales - - following foreclosures --  were 36% of total sales in December.

Sales of existing-US homes plunged in December more than expected , the month after a government tax credit was originally due to expire.

Purchases fell 17%, the biggest decline since records began in 1968, to a 5.45 million annual rate from 6.54 million pace the prior month, the National Association of Realtors said today in Washington. The median sales price increased for the first time in two years, reflecting fewer first-time buyers, the NAR said.

For all of 2009 there were 5,156,000 existing-home sales, which was 4.9% higher than the 4,913,000 transactions recorded in 2008; it was the first annual sales gain since 2005.

Lawrence Yun, NAR chief economist, said there were no surprises in the data. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”

The national median existing-home price for all housing types was $178,300 in December, which is 1.5% higher than December 2008. “The median price rose because of an increased number of mid- to upper-priced homes in the sales mix,” Yun said. It was the first year-over-year gain in median price since August 2007.

First-time buyers rushed to close deals before the $8,000 tax credit was expected to end on Nov. 30th. The subsequent extension and expansion of the credit, together with the one- to two-month delay between contract signings and closings, signals demand will pick up again in the first half of this year.

Waterford Crystal brand rebirth in Waterford

WWRD Group, the company which acquired the Waterford Crystal and Waterford Wedgwood brands, said today it will open a new crystal facility in Waterford.

It says it has signed an agreement with Waterford City Council to open the new manufacturing facility, retail outlet and visitor centre in the former ESB regional office and surrounding buildings at The Mall.

WWRD says it plans to employ 80-90 full-time staff at the facility and 30-40 temporary staff  depending on seasonal demand. It says 40,000 pieces will be hand-made every year by around 20 skilled craftspeople at the facility - - probably more appropriate to say hand-finished than hand-made.

The Waterford Crystal Prestige Manufacturing Facility is due to open  in June 2010.

The original Waterford Glass company closed in 1851; was revived in 1947 and went bust in 2008.

SEE: Finfacts article, Jan 2010: Waterford Crystal site on market; Second death of renowned Irish glass brand

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