Quotes from the recent RIAR Association President on the 2nd Quarter statistics for the RI real estate market,
"Sales of single family homes dropped 20 percent compared to the same time period in 2010 and 10 percent from the second quarter of 2009."
“Still, extremely tight lending standards remain a problem for the housing market. It’s a chain reaction. If first time home buyers can’t qualify for a home, sales of lower priced homes are delayed. And, if those homeowners can’t sell their home, they can’t move up to another price bracket,” he said.
I have no idea what he's talking about. We haven't had one problem with financing in a long time. Our company has booked or closed over 160 sides this year. No financing issues that I am aware of, other than appraisal, but even that isn't much of a problem any more. I guess financing is different in different areas of the state? Really?
Statewide sales of single family homes dropped 20 percent in RI from 2010. That's accurate. But overall sales in Providence County dropped 27%, Kent County is down 17%. Since these two counties are the major population centers, these counties will skew the entire state. But if you look at the counties individually, it paints a much different story.
Newport County is down only 9% YTD, Bristol County is down only 6% YTD. Washington County at the end of June had a total of 682 sales. In 2010 there were 683.
In order to fully understand a market, you have to look at it from many angles. Don't believe the negative hype.