Sales prices fell 8.4% in the 3rd quarter. Our prices had leveled off in April 2009 and rose slighly only to be pushed further down this past quarter. Many analysts are hinting at bumping along the bottom, but really who is to say where the bottom is anymore. The good news is that the end of September saw a trend of a slight upward movement that should put the numbers not decreasing further.
Further hitting our market is a rise in Foreclosures. Active Foreclosure listings rose 68% in just 5 months. This trend is expected to keep increasing as more trustee's sales are posted. Fannie and Freddie are working hard to depleat the inventory and are offering incentives for buyers who purchase before the end of 2010. Unfortunately this will take more than a couple of months to decrease our inventory.
For more information check out my website at www.betsiemelter.com