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Local home sales continue downward slide

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A rebound in existing home sales seems to be as elusive in 2011 as it was last year.

Home-sale agreements in the nine-county Indianapolis area fell 16.7 percent in February compared to the same month of 2010, according to a report released Friday by F.C. Tucker Co.

Sale agreements fell to 1,473 last month from 1,930 in February 2010. The decline marked the 10th consecutive month in which year-over-year sales slumped in the area. The area experienced three straight months of improving sales activity early last year thanks to generous federal tax incentives.

In Marion County, February sales agreements fell 26.1 percent compared with the previous year, from 934 to 690.

Pending sales plummeted 32.1 percent in February in Hamilton County, from 390 to 265, and dipped 13.6 percent in Hendricks County, from 162 to 140. Sales agreements dropped 23.1 percent in Johnson County, from 143 to 110.

The average sale price in the Indianapolis area in February was $139,019, up 1.8 percent from a year earlier, the report said.

Active listings dipped 3.6 percent, from 14,798 in February 2010 to 14,259 last month.
 

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  • Honest reporting
    Thank you, IBJ, for straight forward analysis of the numbers. I am a member of MIBOR and am weary of the spin put on reality by my peers. It does not help and it's difficult to tease out the truth. Worse, it only serves to create seller envy and confusion.

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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.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  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.

  4. If you only knew....

  5. 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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