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Area homes sales down for 6th straight month

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Home-sale agreements in the nine-county central Indiana region plunged 40.7 percent in October compared to the same month a year ago, according to a report released Thursday morning by F.C. Tucker Co.

Pending home sales dropped last month to 1,301, down from 2,195 in October 2009, the Indianapolis-based real estate company said.

The decline marked the sixth straight month that year-over-year home sales have slumped in central Indiana following three straight months of improving sales activity spurred by generous federal tax credits.

Pending sales were down 23 percent in September, 23 percent in August, 27 percent in July, 30 percent in June and 32 percent in May.

Pending home sales account for sales agreements, not sales that have closed.

Year-to-date, sales agreements are off 9.7 percent from the same period in 2009, the report said.

In Marion County, October sales agreements fell 45.8 percent compared with the previous year, from 1,062 to 576.

Pending sales dropped 31.5 percent in Hamilton County, from 394 to 270, and 39.6 percent in Hendricks County, from 182 to 110. No area counties saw an increase in sales.

One bright spot in the residential market has been average sale prices, which have ticked up steadily this year. Through October, the average sales price of a home sold in central Indiana has been $150,282, up 8.6 percent from the same period a year ago, the report said.
 

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  • Perspective
    In re: the last paragraph -- if the change in the median price were added, it would illustrate that the increase is more due to the absence of first-time buyers than any increase in values.

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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