Taggert Brooks Economics Consulting
Taggert Brooks - Economic Consulting

News for the ‘Housing’ Category

More Foreclosures

Here is a post with an excellent graphic on the national distribution of foreclosures as a percentage of housing units.

Not least, the crisis is harming the neighbors of people in foreclosure, even those who aren’t having trouble making loan payments. According to one academic study, every foreclosure reduces the value of all other houses within an eighth of a mile by about 1 percent, as the sight of vacant property scares off potential buyers. Combine that with a market already in decline, and neighborhoods that begin to have troubles can go off the cliff.

Posted: January 12th, 2008
Categories: Foreclosures, Housing
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Seasonal Effects In Home Sales

Econbrowser has some bad news about the current housing market:

In a typical year, most new home sales occur between March and August. In each of those months we usually might expect 35% more homes to be sold than at the seasonal low in December. This August, home sales were actually less than in December, the first time that’s happened in the 44 years these numbers are available.

For comparison, using MLS data on home sales, the 7 Rivers Region saw 102 listings sold in December of 2006, while August of 2007 saw 155 listings sold. That is a 52% increase. Although August 2007 is 11% below August 2006, at least its not below December of 2006!

Posted: September 28th, 2007
Categories: Housing
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