All in all things haven’t gone to hell – yet. But frankly I don’t think they will. While loans are now more restrictive the slowing flow of sales has not harshly decreased market value. Sure there are bargains to be had depending on seller motivation, but overall if you bought in ‘08 your value should be stable.
For New Orleans our 08 December residential home sales dropped 35% compared to same time 07, from 96 units to 62. That does sting, but keep in mind these numbers do not reflect condo, multi, comm, or vacant land activity. For the year we were only down 16% from 1326 units to 1116. Between Gustav on the lending crises 35% seems feasible but certainly not acceptable, no?
If you would like more number analysis for the year, drop me a line.
