I've had a few moments to look over the data that I had previously posted from a remote location.
Additional remarks to make that I think are most appropriate are, I think these sales number for the sub 200k price range are a strong indication of the success for the 1st time home buyers tax credit.
I do realize that some stimuls money did make it's way to local governemnt agencies (Winnebago County Housing Authority for example) to buy up foreclosed upon homes, rehab them, and reintroduce them to the marketplace, but for me being in this industry I can appreciate this expenditure. Affordable housing in the Fox Valley has long been a concern of mine that I could expound on.
As for these November sales, hopefully they will provide a basis from which the higher priced homes will gain some footing. As you look at that series of graphs you will notice how the sales have lingered comparatively. I think it is fair to say that the job losses that support these more expensive homes have exceeded the jobs gained/replaced.
The expanded buyer's tax credit could provide that footing as we go into the peak season, but historically we know that the Fox Valley 'slows' during the winter time, due in part for Holidays and simple peceived inefficiency of the weather.
One other 'drag' on early spring home sales is my belief based on my years in the business that first time buyers tend to hold off until they are fully aware of where their tax liability. The more prepared home buyers can be opportunistic on the first homes listed in the new year, but again many 'arrive' in April/May as reprsented by the graphs.
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