Sales are up! Prices are down.
September resales were up 5.5% according to those who purport to know these things. Sales prices decreased 9%. Good. Bad. or Ugly? the lower sales prices do result in more sales, reducing the inventory, which, on the face of it would seem to indicate a better market. In my area, the Alabama-Northwest Florida Gulf coast is holding its own. There is even new construction going on! The lenders here have money to lend, although you would not know that when you listen to news reports, rates continue to be historically low-you just have to have the means to repay a loan and be able to prove that to the lenders. Anyone with a little cash can pick up some real bargains, and not all of those are foreclosures. Gulf front properties are beginning to cash flow again, with their list prices nearing pre-crazy prices. I attended a ground breaking ceremony yesterday for a much needed convention center, which will seat 1800 people for "white table" dinning. Scheduled to be ready June ‘09. This will mean more people here during the "off season" resulting in increased rental income for those taking advantage of the current low prices.
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