There has been a 10% decline in housing inventory.
Existing Home Sales
Existing home sales slowed in January. According to Lawrence Yun, NAR chief economist, this is mainly due to the lack of urgency with the extension and expansion of the first-time buyer tax credit in November. January sales of 5.05 million remain 12 percent above the 4.53 million-unit level last year.
Median Home Price
Existing-home price was $164,700 in January, 3.4 percent below December and unchanged from January 2009. Distressed homes, which accounted for 38 percent of sales last month, continue to skew prices downward as they typically are discounted in comparison with traditional homes.
Inventory
The supply of homes continued to shrink, falling 0.5 percent to 3.27 million, representing a 7.8-month supply at the current sales pace. Compared to a year ago, there are now 10 percent fewer homes on the market. This is the lowest level of competing homes on the market since March 2006. (Source: Keller Williams Realty)
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I was speaking with one of our Charleston Short Sale specialist’s; he was very frustrated with how Indy Banc handled a recent short sale. The agent had been working the short sale for over 4 months with a “clean” cash offer of $130K and Indy Banc decided to foreclose on the property. At the foreclosure, the bank got only $60K for the property. It seems to me, that the bank lost $70K on the deal, the seller lost by having a larger judgment, and the 1st buyer lost by not getting the property even though he was willing to pay $130K. What would prompt Indy Banc to foreclose when they have a cash offer for twice as much? What do you think? This transaction does not make sense and is part of the crazy world of Charleston real estate.
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