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2nd Quarter Real Estate Market Update

July 14th, 2011

Home sales for Shelby County for the second quarter of the year were down 16% compared to 2Q 2010. While June sales exceeded expectations, they couldn’t make up for April and May sales which fell flat. With the homebuyer tax credit expiring last June, we expect  sales will begin to level out through the remainder of the year.

Foreclosures, foreclosure notices and bank sales all continue to decline. Foreclosures were down almost 16% from the prior year, foreclosure notices were down 21%, and bank sales were down 16% for the quarter with 1,013 recorded compared to 1,200 in 2Q10.

New home sales were down almost 40% with only 193 closed compared to 310 last year. New home permits were down 35% from the second quarter of last year. Regency Homes filed the most permits for the quarter, 36 total averaging 2,889 sqft and $199,007.

Commercial sales were up almost 30% from 2Q10 and commercial sales revenue was up a whopping 77% with $170 million closed in the quarter compared to $75 million closed last year. Year-to-date commercial sales are up 22% from the same time last year. Commercial foreclosures were down 8% with 33 recorded compared to 36 in 2Q10.

Community Mortgage closed the most residential loans at time of purchase with 340 loans averaging $127,000 per loan.

Join us Wednesday, July 27th for our “Master Your Market: 2Q11 Update” where we’ll review all residential and commercial market trends for Shelby County including sales, foreclosures, new housing, lender activity and more! This event will be presented at the Appraisal Institute’s second quarter luncheon. Click here for details or to register.

Click here to read the latest article on the housing market from The Daily News.

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