Montgomery AL Real Estate Sales Statistics: October 2008

The National Association of Realtors^® has stepped up its challenge to lawmakers encouraging them to take new, decisive actions to address the continuing problems in the housing industry, as well as the ongoing economic crisis.

"Our members see firsthand the impact that an unstable housing market is having on communities all across this great country," said Richard F. Gaylord, NAR president. "The U.S. Treasury and Congress need to work together to ensure that the American people - not Wall Street and large banks - benefit from the economic recovery plan."

NAR sent a letter last week to U.S. Treasury Secretary Henry Paulson calling on him to refocus the Federal Housing Finance Agency's efforts on restoring strength to the mortgage-backed securities market, which would help lower mortgage rates for all home buyers and for those who need to refinance.

Let's take a look at the sales statistics for October 2008 to see how the Montgomery AL real estate market looks:

Of the 37 Midtown Montgomery properties sold in October, 6 were foreclosures at an average price of $60,475.  Deducting these distress sales from the October stats, we see an average sale price of $144,464-still way below a year ago and a direct result of buyer reaction to the unstable market cited by Gaylord.

The Hat Team is seeing a real rush of interest among investors, who seem to sense we are at or near the bottom of the market.  And is ALWAYS the practice among investors, they don't "buy at retail" but invest only in the best deals on the market.  When those are gone, we will see prices return quickly to normal.    For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.