Has housing hit bottom?

January 17, 2008
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F.C. Tucker Co. put out a release today saying the Indianapolis-area housing market stabilized last year.

Somehow, a 9.9-percent decline in sales and 2.1-percent drop in selling price doesnâ??t sound so stable.

Tucker President Jim Litten points out that the region still had its fifth-best year for sales. He also notes that mortgage rates are falling, contractors are building fewer houses, and job numbers are climbing. All of this will cause sales to rise 1 to 2 percent this year, he predicts.

There certainly are plenty of houses to choose from. Yesterday, Landrigan & Co. Realtors said a yearâ??s worth of inventory is clogging the market compared with the eight monthsâ?? worth at the end of 2006.

Looking for a house priced at $900,001 or up? It would take three years under current conditions for that inventory to be bought up, Landrigan said.

Has the market stabilized? Or is that wishful thinking?
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  • This market is dead. Only tranfer type purchases now. Anyone who foreclosed will be forced to rent. They can't buy anything. Litten always paints an optimistic picture. What else would he do?
  • Can't speak for Tucker, but builders in the area have seen a recent surge (in the last 4 weeks) in new contracts and sales of spec homes. Rumor has it that CP Morgan even sold more homes here in the last 4 weeks than they did in NC. Don't know whether this means we've bottomed out and turned the corner or it's just a temporary upswing, but we'll take it while it lasts.
  • What never went up, can hardly have room to fall?

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