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Home-sale agreements continue disappointing trend

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Real estate agency F.C. Tucker Co. Inc. said Monday morning that home-sale agreements in central Indiana sank 22.8 percent in February, compared with the same month last year. That marks the sixth straight month of year-over-year declines, dating back to September.

February's slide was only a slight improvement from the 31-percent fall recorded in January.

Buyers in the nine-county area in February signed agreements for 1,784 homes, down 527 from February 2013.

In Marion County, agreements fell 20.2 percent, to 760. Hamilton County experienced one of the steepest drops in the area, 30.3 percent, to 354 agreements.

In Johnson County, agreements decreased 19.1 percent, to 165. Hendricks County experienced a much more severe drop, 31.3 percent, as agreements tumbled to 156.

Boone County saw the biggest decrease, 39.5 percent, but recorded only 52 agreements.

Inventory in the nine-county area continued to fall. The number of homes on the market in February dipped 12 percent, to 9,229, from the year-ago period.

F.C. Tucker President Jim Litten attributed the disappointing numbers to the prolonged wintery weather conditions but hoped for a turnaround as spring approaches.

Higher mortgage rates and tighter inventories also have contributed to the weaker numbers.

On a more positive note, the average year-to-date sale price in the area rose 7.2 percent, to $155,886, compared with February 2013. The average price for Marion County homes was up 5.9 percent, to $117,757. The average Hamilton County price jumped 7.6 percent to $252,643.

One central Indiana home that sold in February was priced above $2 million, and four fetched between $1 million and $2 million. Fifty-three were priced between $500,000 and $1 million.
 

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  • $7 jobs
    $7/hour jobs are not intended for homebuyers. Less than 8% of people working minimum wage jobs are the primary earner, and over 75% of them are teenagers who live at home. That's real data.
  • Home Sales & Snow
    Sorry, people just don't buy homes when it's crappy snowy, cold weather. They also don't list their homes for sale because people know that noone is going to buy it in this weather. This number is so skewed, it's not even funny.
  • The Color is Green
    Home sales are down. Wages are down. $7 per hour jobs do not create home buyers Duh

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    1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

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    3. 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.

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