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Area home-sale agreements level off, prices still falling

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The housing slump may be weakening in the nine-county Indianapolis area, if a report released today by F.C. Tucker Co. is any indication.

The number of home-sale agreements in August was nearly unchanged from the same time a year ago — off just a tenth of a percent. Pending home sales last month totaled 2,213 compared with 2,216 in August 2008.

“August home sales, virtually the same as last year, reflect the positive and steady rebound of the local real estate market,” H. James Litten, president of F.C. Tucker’s residential real estate services division, said in a written statement.

Johnson County posted the largest increase in sale agreements, 17.8 percent, with 172 in August compared with 146 in the same month last year. Hancock County posted the second-biggest jump, 15.4 percent, with home-sale agreements increased from 65 to 75.

Agreements climbed 5.9 percent in Marion County, from 1,036 to 1,097. Hamilton County is the only other county in the area where pending home sales increased, albeit slightly, from 428 in August 2008 to 432 last month.

Boone, Hendricks, Madison, Morgan and Shelby counties all posted double-digit declines. In three of the counties — Boone, Morgan and Shelby — however, fewer than 100 sale agreements were signed in both August 2008 and last month.

Overall, through August of this year, home-sale agreements in the nine-county area were down 7.5 percent compared to the first eight months of 2008.

The inventory of homes for sale in the nine-county area fell 16.3 percent, to 16,068, last month compared to the same time frame last year, another indicator that the housing slump may be easing.

Yet, the average sale price dropped in every county in the area except Boone, where the price rose a meager 0.4 percent, to $255,609, the most expensive in the nine counties. The average price in the area fell 5.5 percent, to $138,748, in August.


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  1. Mr. M. would never use this paper to his financial benefit, plus he is to busy bashing Emmis and Simon when he can.
    This is OLD news, unless upcoming investigations by Durham land something with Brizzi involved with these transactions.
    What is most uncomfortable is a public servant who cuts deals to benefit himself, he is brazen in that regard, too open and in many cases reckless. BTY, he used to use National Bank of Indianapolis alot, so I doubt Mr. M is too upset

  2. How new are they? He has won three times at the ballot box, so evidently less than 50% of those who vote dont think he has done much wrong.

    Also, these stories with no attributable quotes to the main people involved at typical IBJ reporting. At a minimum how does the reporter not interview another high profile Commercial Real Estate broker (Paul Dick, Bill French, John Crisp, etc) and get their opinion on the fairness of these deals between the City of Indy and Bales?

    Poor reporting.

  3. Mike, are you kidding me? Do you really think Bales has done nothing wrong? So do you think the driver of a get away car isn't doing anything wrong because he didn't commit the bank robbery?

    How do you think Brizzi got all that money to enter into investment deals with Bales? Bales was clearly buying influence...cutting deals and kicking money back to Brizzi in the form of of investments. Do you think that is legal?

  4. Again, two prime examples of why there should be a multi-year "cooling off" period before public employees can go work at for-profit companies soliciting and lobbying the same employers where they just worked.

  5. Is the IBJ determined to kill Bales' career? I mean, he has done nothing wrong and continues to get slammed on here. This is very upsetting to see. Is Maurer trying to help his son's company out or something? Seriously, wtf?

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