When we go into a recession, it usually hits the real estate industry first. At least that's been my experience. When we climb out, it is usually driven by those land sales. According to Northampton County records, we may be climbing that ladder right now.In November, there were 602 deed transfers, fifty per cent more than the same period last year, but still below a five-year average.
Here's November's data over the past five years: Nov. 2009 - 602 deeds; Nov. 2008 - 401 deeds; Nov. 2007 - 579 deeds; Nov. 2006 - 761 deeds; and Nov. 2005 - 930 deeds.
Overall, real estate transfers remain at a five-year low. Here's the data through November for each of the past five years: 2009 - 5,437 deeds; 2008 - 6,132 deeds; 2007 - 7,638 deeds; 2006 - 9,271 deeds; and 2005 - 9,941 deeds.
Overall, there still is a 46% decline over five years.
1 comment:
Let me tell you, sellers still expect top $ regardless of the housing market. Saw 1 home that was purchased in Q3 2007 whose owners are now asking 10% more than what they paid for it. There are people who bought in the 2004-2008 period who refuse to accept that their homes are worth less than what they paid. Wait until Q1 2010 to assess the housing market.
Until then, enjoy:
http://patrick.net/housing/crash.html
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