Good news in real estate! Can you believe it?

I have some good news to report in local real estate! I know it is hard to believe but it is true! Below are current statistics for single family homes that are under contract for sale. Under contract means that an offer has been accepted by the seller but has not closed yet. The number of homes under contract for August 2009 is up compared to August 2008! Way up! This is great news! Recovery may be on the way! 

MAINSTREET ORGANIZATION OF REALTORS
August 2009 UNDER CONTRACT for Detached Single Family

NAPERVILLE
2009=139
2008=100
+39.0%

PLAINFIELD
2009=127
2008=90
+41.1%

AURORA
2009=156
2008=98
+59.2%

OSWEGO
2009=33
2008=21
+57.1%
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September 06 2009 - Naperville
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Profile picture for Lady Chattel
If the price of these homes have dropped a considerable amount then it is believable that more people may be inclined to buy such homes, information like this can be misleading esp when the prices are probably down from last year, so even though more people have been fooled into jumping into murky waters the prices are not rising, and even if they do it is a blip and expect this fall/winter season to be a biatch.  What happens when the $8K bribe stops?  This is but a blip for our nation.
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September 06 2009
Profile picture for BMFPitt
Good news in real estate! Can you believe it?

I do not believe that increased sales due to a government bribe is "good news."  Or sustainable for that matter.
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September 06 2009
Statistically speaking, how many homes that at one time or another go "under contract" fail to actually close? Statistically speaking, how many of these "under contract" homes have been under contract for some time already?The fact that TJMAX and other discount retailers are showing signs of increased sales has little to do with actual retail statistics. This is as ridiculous as the media headlining a reduction in jobless claims and burying the highest unemployment rate in 26 years within the text.
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September 07 2009
Profile picture for mysql
IF you cut back and stopped buying underware for as long as possible, eventually you'll have to replace your tattered undergarments. That doesn't mean that underware sales are on the rebound or that it's smooth sailing from here on out.

Home prices are still falling even with the 8k tax credit. There are a bunch of people jumping on before it expires, but trying to twist it into a full fledged recovery news story is a huge strech that I see people trying to make all the time.

By the same token, I see people going ape sh*t over how well the stock market is doing. Really? It looks like people are being laid off left and right, and companies are downsiziing. There are less customers and the prices do not reflect reality. Watch the market crash before the year is out.
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September 07 2009
Wow, some really negative attitudes out there! True the number of sales are down, also prices are down. I am pretty sure that everyone knows that and is getting really sick and tired of hearing about it. Also true is the number of contracts being written is up and that is a good thing. I am happy to see and hear some positive news for a change. Sorry that you don't feel the same way.
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September 07 2009
Profile picture for Lady Chattel
Mark, the truth doesn't translate to negative attitudes, but hey, a person's ability to see the truth is blinded by his ability to make a living......
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September 07 2009
I have an agent in my office that over Labor Day  this year showed 30 homes to out of town buyers looking for a second home.  All these homes had a screened in pool and 3-4 bedrooms and 2-3 baths.  Nice neighborhoods and only 2 were ready to buy from the owner.  The others were short sales or REO.  They selected an REO with a back up to place an offer on a home that was listed with an owner and not a short a sale
All the homes were 150K or less and 1700 to 2100 sq feet AC.  The one they contracted for has new paint, new tile, new carpet, new AC, new screen on the pool and new French doors.   Really great house on a greenbelt.  That is how it is in our market in Orlando Area.  Wounderful homes at great prices but you must be willing to look at REO and Short Sales and be patient.
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September 08 2009
Profile picture for lamaSr
The NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit.
Per the NAR, there will be 1.9 million first-time buyers this year, all of whom will receive the tax credit. The total cost of the tax credit will be $15.2 billion. Divide $15.2 billion by 350 thousand, and the program cost $43.4 thousand per additional buyer.  Is that a smart use of taxpayer dollars?
(referenced from Calculated Risk and the NAR's website)Imagine if that money went to supporting small business or innovative research.  Home prices would go up because people could afford them, instead of going up temporarily due to a taxpayer funded scheme.
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September 08 2009
Profile picture for Lady Chattel
Exactly.  But hey, American's have grown accustomed to accepting "welfare" from the gov't which they somehow think doesn't somehow come on their own backs!  
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September 09 2009
Profile picture for lamaSr
It's funny how the intended beneficiary is obscured by the mechanics of the transaction.  The buyer gets the cash, then overpays on a house. The seller forwards the additional purchase price in most cases to their lender.  Voila, another bailout.
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September 09 2009
Profile picture for Lady Chattel
Now, apply that same methodology to welfare..........

Ultimately those at the top stand to gain. Period. 
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September 09 2009
 
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Good news in real estate! Can you believe it?
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September 09 2009 | 11 answers
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