Although the real estate market was tough in 2008 as you will see below, 264 homes sold in Portsmouth.  People still have to move and homes still do sell regardless of the market.  With that said, here is A Little Perspective on the Real Estate Market:

•  More than 1000 banks closed in 1930 (three years before the FDIC was created) BUT Only 14 banks have been taken over in 2008,

•  There are 76 million households in the US that own their home--24 million of these homes are owned free and clear,

•  There are 52 million homes with mortgages in the US;  97.2% of these are not in foreclosure AND 93.8% of these homes are current on their payments.

Unfortunately...

•  Over 20% of people with a mortgage owe more than their home is worth

•  40% of all homes in foreclosure are non-owner occupied (investments)

•  There is $975 billion in consumer debt in America

Historic Facts...

•  The average real estate boom lasts 3 to 4 years, and the bottom lasts for 15 months

•  This real estate boom lasted 9 years, so the bottom will likely last 2-3 years (start Jan. 2008)

•  The normal recession lasts 7 to 8 months in total

•  There have been 8 recessions and 1 depression in the past 100 years

•  8 times more millionaires are created in a recession

Here is the history on what happened in Portsmouth at year end...

28 homes sold in Portsmouth in November and December:

- 19 single family homes, and

-   9condos. 

In 2008, 264 homes sold in Portsmouth, NH:

-126 single family homes

-129 condos, and

-    9 mobile homes

In addition, 6 Portsmouth homes went pending with active contracts in November and December.

For more real estate information, check out my website www.SeacoastHomesForYou.com , or to receive a FREE on-line market analysis on your home check, out www.GetFreePropertyValues.com.

Sue Melhorn

SeacoastHomesForYou.com                                                                                                    Re/Max Coast to Coast

A website on avoiding foreclosure:  CanWeSellShort.com

Cell: 603-944-0186                                                                                                                 Fax:  866-431-1298E-Mail: SueMelhorn@Metrocast.net  

Oh by the way...if you know of someone looking to buy or sell a home, give me a call or drop me an email.  I'm never to busy for any of your referrals!!

 

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Sue Melhorn

Dover, NH

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RE/MAX Coast to Coast

Address: 150 Mirona Rd, Portsmouth, NH, 03801

Office Phone: (603) 431-1111 x 3818

Cell Phone: (603) 944-0186

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Your Real Estate Resource on the New Hampshire Seacoast and Southern Maine


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