Northampton County records reveal that real estate transfers have declined in each of the past five years. They're down ten percent last year, and a whopping forty-six per cent over the past five years.If the traditionally slow month of January is any indication, we're still on our way down. There were 336 deed transfers last month, down about seven per cent from the 362 transfers during the same period in 2009.
Blogger's Note: Blogger comments enabled.
My computation includes all deed transfers, even those that arise from a divorce or to settle an estate, as well as actual home sales. I have no reason to believe Lehigh County is any different, but have not checked those records.
After four years of Stoffa. The massive surplus he inherited is gone and home sales are plummeting.
ReplyDeleteGod only knows if the County can survive the next four years.
Keep up the good work on this story, one of the most important and under (or mis) reported stories locally. The Mcall gets its raw housing data from Patt White or LVAR; and apparantly just reports it with no fact-checking. How many times since about mid-2008 have we the public been told by the Mcall quoting real estate agents that the housing market has bottomed and price will be heading upward again. To date, they have been wrong. As the ARMs continue to reset, it will be interesting to see how many properties will be listed as foreclosures. Speak to many people who purchased a home in the last 4 yrs. and if they're honest they'll confess that the appraised value currently is at or below their mortgage.
ReplyDeleteAgreed in principle with 724am. Bernie, keep it up this is important stuff.
ReplyDeleteAnon 313, I am pretty sure Stoffa had absolutely nothing to do with the real estate market.
The Banker
In some respects, people with ARMS need to look in the mirror.
ReplyDeleteWas someone holding a gun to the borrowers' heads forcing them to take an an adjustable rate mortgage?
I know, I know - they didn't want to and / or could not afford to pay the higher monthly fixed rate payment they were quoted...
...and home ownership, regardless of actual ability to pay for such, is guaranteed under the US Constitution in spite of what those evil, greedy rich bankers say.
LOAN OFFICER FROM PREVIOUS LIFE
Nice work on providing the truth that we don't get from The Morning Call. Politicians should note well the state of the economy in their jurisdictions as they continue to propose breathtaking tax increases. Perhaps they take The Morning Call at face value?
ReplyDeleteO'Hare "Tactics" to Research
ReplyDeleteOh Bill,
ReplyDeleteI'm so glad you scrolled down. I love it when you go down to post your drivel.
You're sort of the blogger world equivalent of spaetzle.
I'm so hot!
-Ms Stoneknocker