November 2012 Summary The market continues to show great improvement with inventory levels shrinking for 22 consecutive months, sales rates up for 15 of the last 17 months, inventory rates improving 21 consecutive months and most importantly sales prices are up 9 straight months. Additionally other statistics demonstrate we are on solid footing including building permits for single family homes up dramatically and foreclosures beginning to decline once again. Much of the credit for these improvements must go to the ridiculously low mortgage rates as well as buyers realizing the current housing market is offering values not seen in 30+ years, perhaps ever. Real Estate may be the only investment you have which you expect a positive financial return as well as an emotional one. The greatest immediate threat to the housing recovery has to be the “fiscal cliff” as well as the proposed elimination of the Mortgage Interest Deduction (MID). If the MID is completely eliminated, the effect on the majority of homeowners is several thousand dollars. Be sure to watch for our 2012 Annual Review in early January.
November Stat Pack
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