Long & Fosters’ sales rock

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 driving the region’s housing market ?
household growth, a stronger job market, low interest rates and a good
economy.”
Inman had the story.