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Birmingham AL MLS Market
October numbers are still being finalized but the Birmingham AL MLS market is again down from the prior year 31% (or more) and down 17% (minimum) from September.  Sales dropped a little more than I projected last month but are not doomsday relative to what we've been experiencing over the past 90-120 days.  Months of inventory appears headed higher once again as the number of new listings continues to outpace (1) sales, (2) withdrawals and (3) cancellations on a combined basis.  With year-to-date sales (units) for 2010 now down 5-6% for the Birmingham MLS market, the focus for realtors in the last two months of the year will be to (1) capture as many fence-sitting buyers for contracts and (2) work with sellers to maximize exposure and emphasize value. 
 
For potential buyers, especially first time homebuyers, the economics of buying a home are extremely favorable in light of ridiculously low mortgage rates and bargain basement prices.  Rates will likely rise over the course of the next 18 months as the elections have passed and the political climate settles.  A 1% increase in rate reduces affordability by about $25,000.  Coupled with the potential for a nice tax deduction (for those itemizing) and significant ... more

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