Author: Marian Vasilescu

Profectus Biotech and Medisun Medical Group new joint venture in Hong Kong

The famous American vaccine company Profectus settled in Hong Kong

First recommend HPV cervical cancer treatment vaccine

BALTIMORE, MARYLAND, USA and HONG KONG, April 20, 2018

Profectus Biotech and Medisun Medical Group today announced the opening of a new joint venture in Hong Kong. The primary mission of the new company, ProMed BioSciences, Ltd., is to establish a leading vaccine company focused on the development of preventive and therapeutic vaccines for infectious diseases and cancer. The joint venture will leverage Profectus’ vaccine development expertise, clinically proven vaccine platform technology and a developing vaccine product line, in line with Medisun’s expertise, established clinical network and market access capabilities, expected in the second half of 2018 to put into operation.

The company’s first product development program will focus on the development, production and commercial application of prophylactic and therapeutic vaccines for HPV (human papillomavirus)-related lesions and cervical cancer [based on PBSVax® technology developed by Profectus]. ProMed BioSciences also plans to develop and treat hepatitis C virus (HCV), hepatitis B virus (HBV), herpes simplex virus (HSV), respiratory syncytial virus (RSV), and human immunodeficiency virus (HIV). Chikungunya and Zika, as well as personalized vaccines to treat cancer. The joint venture is expected to launch new vaccines in their respective markets, which will help promote the development of new vaccines, but ultimately the goal is to benefit patients around the world.

Mr. Jeffery Meshulam (first from left), President of Profectus Biotechnology, Mr. Terry Lierman (second from left), Chairman of Medivh Medical Group, and Mr. Danny Wong (fourth from right), founder and executive chairman of Medisun Medical Group, at Profectus ,USA.

– Long-term strategic cooperation to address the huge demand for prevention and treatment of infectious diseases and cancer in Asia

-Profectus’ expertise in vaccine development and platform technology, combined with Medisun’s localized expertise and experience, to establish a leading Hong Kong vaccine company focused on serving Asia

“This strategic cooperation will help establish Profectus’ business in Hong Kong and China. Through close cooperation with Medisun, we can assist Hong Kong and China to develop advanced vaccine technology to help prevent and treat Asian patients. Mr. Jeffrey Meshulam, President of Profectus, said, “We are pleased to be able to work with recognized local partners to achieve the highest standards of scientific research and development integration and medical services.”

“This collaboration will help Profectus and Medisun to jointly produce life-saving vaccines for infectious diseases and cancer, and address the huge medical needs that have not been met in Hong Kong, China and Asia.” Mr. Danny Wong, founder and executive chairman of Medisun Medical Group, said “ProMed BioSciences will leverage Profectus’ expertise in vaccine development and technology, combined with Medisun’s local expertise and close links with healthcare facilities in Hong Kong and China, and government medical regulatory agencies to develop vaccines to provide leadership for Asian patients disease prevention and treatment programs.”

ProMed BioSciences will focus on the following:

• Conduct technical research in Hong Kong or China

• Conduct clinical trials in Hong Kong or China

• Promote the expansion of Medisun Medical Center

• Develop vaccines to address disease prevention needs

• leverage to maximize the expertise of both partners

Mr. Jeffery Meshulam, President of Profectus Biotechnology (first from left), Mr. Terry Lierman, Chairman of Medisun Medical Group (first from right), Mr. Danny Wong, founder and executive chairman of Medisun Medical Group (middle), at the US headquarters of  Profectus.

About ProMed BioSciences

ProMed BioSciences Limited is a joint venture between Profectus BioSciences (USA) and Medisun Medical Group (Hong Kong) in Hong Kong to develop and conduct new vaccine clinical trials and commercial applications to address infectious diseases and cancer in Asia with the huge demand for prevention and treatment.

About Medisun

Headquartered in Hong Kong, Medisun Medical Group is a professional medical investment group dedicated to the research and development and commercialization of global regenerative Medisunne products, as well as quality hospitals and treatment centers. Medisun invests extensively in the fields of regenerative and stem cell patent technology, including stem cell therapy for heart failure, stem cell therapy for liver disease, kidney disease, nervous system disease, cancer, AIDS, and immune cell therapy for a variety of cancers. Medisun and Harvard University Stem Cell Research Institute, Johns Hopkins Medical School Life Science Center, Tsinghua University and other institutions have long-term cooperation plans to jointly invest in regenerative and stem cell therapy technology, with Medisun as a cooperative business The holding entity and holds global intellectual property rights. Medisun and the University of Maryland’s Institute of Human Virology (IHV) set up a technology clinical trial and development platform for viruses and cancer. Based on the Medisun Biomedical Laboratory in Hong Kong, Radiation will jointly build medical clinics in China and Asia. The experimental resource network promotes the world’s largest clinical research and development platform for virus research and cancer treatment technology. The Medisun Reproductive Centre is located at the Proud Square in Kowloon Bay, Hong Kong. It has a 50,000 square foot stem cell GMP production base, a cancer treatment centre and an anti-aging centre. It brings together European, Japanese, American and individual Chinese experts to develop a rigorous and professional R&D process. Provides immune cell therapy and a variety of stem cell health treatments.

For more information, please visit http://www.medisun.hk/

About Profectus BioSciences

Profectus BioSciences is a clinical stage vaccine development company focused on developing new vaccines for infectious disease and cancer prevention and treatment. The Profectus vaccine is based primarily on the company’s proprietary VesiculoVax™ and DNA vaccine technology platform. By simply using the VesiculoVax™ vaccine alone, B cells can be rapidly expanded to provide protection against emerging infectious diseases that threaten public health and biodefense mechanisms, such as Ebola, Marburg, Chikungunya, Zika virus, equine encephalitis virus, and respiratory syncytial virus. When VesiculoVax™ is used as a vaccine when the immune system is launched with the best pDNA vaccine, the Vesiculo Vax™-directed vaccine expands the triggered T cells into effector cells, which are ideal for attacking virus-infected cells and cancer. Current projects using the Prime / Boost Vaccine System (PBS Vax™) strategy include hepatitis B virus (HBV), human papillomavirus (HPV), herpes simplex virus type 2 (HSV-2) and human immunodeficiency virus ( HIV). Partners and collaborators include UTMB’s Galveston National Laboratory, Yale University, University of Maryland Human Virology Institute, HIV/AIDS Vaccine Immunology Center, National Cancer Institute, National Institutes of Health AIDS Division, Bill And the Melinda Gates Foundation, the International AIDS Vaccine Initiative, the AIDS Vaccine Trial Network and the AIDS Clinical Trial Group. Profectus is funded by Cross Atlantic Capital Partners (“XACP”) in Radnor, Pennsylvania. The main investor in XACP is the Pennsylvania Public School Employees Retirement System (“PSERS”). For more information, please visit www.profectusbiosciences.com

GreenSpace Brands Announces Acquisition of US Based Galaxy Nutritional Foods, Owners of the Go Veggie Brand

GreenSpace Brands Inc. (“GreenSpace”) (TSXV: JTR) is pleased to announce today that it has signed a share purchase agreement dated December 20, 2017 to acquire (the “Acquisition”) all of the outstanding shares of Galaxy Nutritional Foods Inc. (“Go Veggie”), which owns the Go Veggie? brand. Go Veggie is one of the leading cheese alternative brands in the United States with distribution in over 12,000 locations through most major US grocery retailers and natural food chains, along with a growing food service business. The plant based dairy alternative market is one of the fastest growing subsets of the natural food market, but has very few established players. Go Veggie has established itself as one of the preeminent brands in the space with some of the best tasting and award winning products.

Greenspace will be holding a conference call to discuss the details of the transaction on December 21st, 2017 at 9:00 EST. The call will be hosted by Matthew von Teichman, President and Chief Executive Officer. Following management’s presentation, there will be a question and answer session for analysts and investors. To participate in the teleconference, dial (647) 427-7450 or 1 (888) 231-8191 (Toll-free). Callers are advised to call five minutes in advance of the call.

A taped rebroadcast will be available beginning at 11:20 am (EST) December 21st, 2017 until 11:59 pm (EST) on December 28th, 2017. To access the rebroadcast, please dial (416) 849-0833 or 1 (855) 859- 2056 and use the passcode 1289656 followed by the number sign.

Overview of the Acquisition

GreenSpace has agreed to purchase Go Veggie for a total consideration of $17.8 million USD, comprised of $4.5 million USD in cash, $7.62 million USD (approximately $9.81million CAD) in GreenSpace common shares (the “Share Consideration”), and a two year vendor take back loan of $5.72 million USD, carrying an 8.5% coupon. Greenspace will issue 7.16 million Common shares at $1.37 per share as part of the transaction, a 14.2% premium to the closing market price on December 19th, 2017.

GreenSpace will be purchasing Go Veggie from Mill Road Capital, a Greenwich, Connecticut based private investment firm focused on investing in and partnering with publicly traded micro-cap companies. Mill Road will become the largest shareholder of GreenSpace as a result of this transaction. Mill Road Capital has a long history of successfully investing in emerging consumer brands throughout Canada and the United States, and this expertise will help support the GreenSpace team as they navigate the US natural food market and US capital markets.

The Share Consideration will be subject to lock-up and escrow pursuant to which approximately 45% of the Share Consideration shall be locked up for 12 months from the closing date, 5% of the Share Consideration shall be in escrow for 13 months from the closing date and the remaining 50% shall be locked-up for 18 months from the closing date, subject to certain exemptions.

Select highlights of the Acquisition include the following:

Go Veggie adds a profitable pre-existing US platform that will enable GreenSpace to launch its most innovative and unique brands into the US;

The acquisition is expected to add significant gross margin dollars to GreenSpace and improve the overall gross margin profile, as well as add incremental adjusted EBITDA in the short term, with more significant growth in adjusted EBITDA over the long term. Go Veggie recorded revenues of $16.3 million USD for their fiscal year ended March, 31, 2017, with strong gross profit margins of approximately 40%.1
Go Veggie has one of the leading brands in what GreenSpace believes to be one of the fastest growing segments of the natural food industry, plant based dairy alternatives. Galaxy has broad based distribution across the United States and an existing high functioning team; and

GreenSpace believes that by supporting updates and amplifying the brand image of Go Veggie, it will be able to further develop its leadership position in the plant based dairy alternatives vertical in North America;

“We couldn’t be more excited to add Go Veggie to the GSB family of brands. With the acquisition of Go Veggie, we enter our most sought after vertical, plant based dairy alternatives. The addition of Go Veggie adds a profitable pre-existing US platform that will enable us to launch our most innovative and unique brands into the US under the expert leadership of one of the most respected people in the US natural food industry, Rick Antonelli, CEO of Go Veggie” comments Matthew von Teichman, CEO of Greenspace, “This is truly a transformative acquisition for us. We will continue to develop their Canadian sales strategy through the leveraging of our current platform and strategically initiate our US development by leveraging their platform. It’s a win-win and the ideal way for us to get going in the US market”

Rick Antonelli, CEO of Galaxy comments, “We’ve been watching GreenSpace for years and have admired the stable of brands they’ve been able to put together in such a short time. We feel that Go Veggie is a perfect addition to that roster of strong brands and with the potential synergies of our team selling their products, and their team selling our products, there’s a significant long term upside for both. I can’t wait to start presenting GreenSpace’s unique and innovative products to the US market and Go Veggie’s existing retail partners.”

The Acquisition is scheduled to close in January 2018, subject to satisfaction of customary closing conditions and approval of the TSX Venture Exchange. Financo, Inc. has acted as the exclusive advisor to Galaxy and Mill Road.

About GreenSpace

GreenSpace is a Canadian-based brand ideation team that develops, markets and sells premium natural food products to consumers across Canada. Greenspace owns and operates the following brands: Love Child Organics., one of the fastest growing brands in Canada and a producer of 100% organic food for infants and toddlers made with the pure, natural and most nutritionally-rich ingredients; Central Roast, a clean snacking brand that has been one of the leading natural food brands in Canada; Rolling Meadow Dairy, Canada’s leading grass fed dairy product line, delivering premium fluid and cultured products across Canada; Life Choices which features premium convenience meat products made with grass fed and pasture raised meats without the use of added hormones and antibiotics; Kiju, the Canadian market leader in the shelf stable organic juice segment; Cedar , the Canadian leader in cold pressed and gut health fresh juices. All brands are wholly owned and retail in a variety of natural and mass retail grocery locations across Canada.

GreenSpace’s filings are also available at www.SEDAR.com

About GO VEGGIE?

Over 40 years ago Galaxy Nutritional Foods Inc. created the cheese alternative category for health-conscious consumers and is proud to remain America’s leading provider of great tasting cheese-free products. Today, under Galaxy’s new brand GO VEGGIE, the company continues to innovate and offer consumers more healthy cheese-free choices. Across its product portfolio – Vegan, Lactose Free, and Lactose & Soy Free – GO VEGGIE offers 55 products across the United States in a wide variety of formats.

For product information, recipes, and more, visit www.goveggiefoods.com. Follow GO VEGGIE on Facebook, Twitter, Instagram, and Pinterest.

About Mill Road Capital

Mill Road Capital is a private investment firm focused on investing in and partnering with publicly traded micro-cap companies in the U.S. and Canada. The firm has flexible, long-term capital with the ability to purchase shares in the open market, buy large block positions from existing shareholders, provide capital for growth or acquisition opportunities, or execute going-private transactions. The firm has raised approximately $670 million of aggregate equity capital commitments and has offices in Greenwich, CT and the San Francisco Bay Area. Mill Road’s investments in Canada include Ten Peaks Coffee Company, a British Colombia based premium green coffee decaffeinator, PRT Growing Services Ltd., the British Columbia based leader in container grown tree seedlings for replanting forests, and Cossette, the largest full service advertising agency in Canada.

More information can be found at http://www.millroadcapital.com.

Forward Looking Information

Certain statements in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements concerning (i) the Acquisition; (ii) the completion of the Acquisition; (iii) anticipated approvals; (iv) the time to the closings; and (v) results of the completion of the Acquisition. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that: (1) the information provided to GreenSpace by Galaxy turns out to be misleading, untrue or incomplete; (2) the Acquisition may not be completed for any reason whatsoever, including that regulators may not approve the Acquisition; (3) the closings may not occur as scheduled or at all; and (4) GreenSpace may not achieve the results currently anticipated. Although GreenSpace believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because GreenSpace can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of required regulatory approvals. Details of the risk factors relating to GreenSpace and its business are discussed under the heading “Risk Factors” in the preliminary short form prospectus filed on the date hereof and “Risks and Uncertainties Related to the Business” in GreenSpace’ annual information form dated July 18, 2017, a copy of which is available on GreenSpace’ SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by GreenSpace and described in the forward looking information. The forward-looking information contained in this press release is made as of the date hereof and GreenSpace undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this press release is expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction.

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Existing-home sales surged for the third straight month in November

Existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years, according to the National Association of Realtors?. All major regions except for the West saw a significant hike in sales activity last month.

Lawrence Yun is chief economist and senior vice president of research at the National Association of Realtors(r). Yun oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1 million Realtor(r) members. (PRNewsFoto/National Association of Realtors)

Total existing-home sales1, https://www.nar.realtor/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 5.6 percent2 to a seasonally adjusted annual rate of 5.81 million in November from an upwardly revised 5.50 million in October. After last month’s increase, sales are 3.8 percent higher than a year ago and are at their strongest pace since December 2006 (6.42 million).

Lawrence Yun, NAR chief economist, says home sales in most of the country expanded at a tremendous clip in November. “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” he said. “As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month. The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”

The median existing-home price3 for all housing types in November was $248,000, up 5.8 percent from November 2016 ($234,400). November’s price increase marks the 69th straight month of year-over-year gains.

Total housing inventory4 at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.

“The anticipated rise in mortgage rates next year could further cut into affordability if these staggeringly low supply levels persist,” said Yun. “Price appreciation is too fast in a lot of markets right now. The increase in homebuilder optimism must translate to significantly more new construction in 2018 to help ease these acute inventory shortages.”

First-time buyers were 29 percent of sales in November, which is down from 32 percent both in October and a year ago. NAR’s 2017 Profile of Home Buyers and Sellers – released earlier this year5 – revealed that the annual share of first-time buyers was 34 percent.

Matching the highest share since May, all-cash sales were 22 percent of transactions in November, which is up from 20 percent in October and 21 percent a year ago. Individual investors, who account for many cash sales, purchased 14 percent of homes in November, up from 13 percent last month and unchanged from a year ago.

“The elevated presence of investors paying in cash continues to add a layer of frustration to the supply and affordability headwinds aspiring first-time buyers are experiencing,” said Yun. “The healthy labor market and higher wage gains are expected to further strengthen buyer demand from young adults next year. Their prospects for becoming homeowners will only improve if more lower-priced and smaller-sized homes come onto the market.”

Properties typically stayed on the market for 40 days in November, which is up from 34 days in October but down from 43 days a year ago. Forty-four percent of homes sold in November were on the market for less than a month.

Realtor.com?’s Market Hotness Index, measuring time on the market data and listings views per property, revealed that the hottest metro areas in November were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Stockton-Lodi, Calif.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased for the second straight month to 3.92 percent in November from 3.90 percent in October. The average commitment rate for all of 2016 was 3.65 percent.

On the topic of tax reform, NAR President Elizabeth Mendenhall, a sixth-generation Realtor? from Columbia, Missouri and CEO of RE/MAX Boone Realty, says it’s good news homeowners can continue to count on tax incentives such as the mortgage interest deduction and the state and local tax deduction.

“Only 6 percent of homeowners have mortgages exceeding $750,000, and only 5 percent pay more than $10,000 in property taxes, but most homeowners won’t itemize under the new regime,” she said. “While we’re pleased that important homeownership incentives such as the capital gains exclusion survived in conference, additional changes are required to truly incentivize homeownership in the tax code.”

Distressed sales6 – foreclosures and short sales – were 4 percent of sales for the fourth straight month in November, and are down from 6 percent a year ago. Three percent of November sales were foreclosures and 1 percent were short sales.

Single-family and Condo/Co-op Sales
Single-family home sales grew 4.5 percent to a seasonally adjusted annual rate of 5.09 million in November from 4.87 million in October, and are now 3.2 percent above the 4.93 million pace a year ago. The median existing single-family home price was $248,800 in November, up 5.4 percent from November 2016.

Existing condominium and co-op sales increased 14.3 percent to a seasonally adjusted annual rate of 720,000 units in November, and are now 7.5 percent above a year ago. The median existing condo price was $242,500 in November, which is 8.8 percent above a year ago.

Regional Breakdown
November existing-home sales in the Northeast leaped 6.7 percent to an annual rate of 800,000, (unchanged from a year ago). The median price in the Northeast was $273,600, which is 4.0 percent above November 2016.

In the Midwest, existing-home sales jumped 8.4 percent to an annual rate of 1.42 million in November, and are now 6.8 percent above a year ago. The median price in the Midwest was $196,100, up 8.8 percent from a year ago.

Existing-home sales in the South expanded 8.3 percent to an annual rate of 2.34 million in November, and are now 4.0 percent higher than a year ago. The median price in the South was $216,200, up 4.8 percent from a year ago.

Existing-home sales in the West declined 2.3 percent to an annual rate of 1.25 million in November, but are still 2.5 percent above a year ago. The median price in the West was $375,100, up 8.2 percent from November 2016.

The National Association of Realtors?, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

NOTE: For local information, please contact the local association of Realtors? for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample – about 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 November’s monthly increase of 5.6 percent is the largest monthly gain since December 2015 (12.1 percent), which was influenced by delayed closings resulting from the rollout of the Know Before You Owe initiative in late 2015.

3 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

4 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

5 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors?Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

6 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors? Confidence Index, posted at nar.realtor.

NOTE: NAR’s Pending Home Sales Index for November is scheduled for release on December 27, and Existing-Home Sales for December will be released January 24; release times are 10:00 a.m. ET.

From https://www.prnewswire.com/news-releases/existing-home-sales-soar-56-percent-in-november-to-strongest-pace-in-over-a-decade-300573924.html