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2Q09 Home Sales Prices and Mortgage Amounts

July 23rd, 2009

There were 3,807 total home sales for the quarter and only 431 of those homes were sold at or above $250,000. The majority of the homes (1,567) were sold below $54,999 indicating that the local real estate market is still reeling from foreclosures.

With 41% of the sales for the quarter being Bank Sales averaging $59,364, foreclosures continue to drive down home sales prices and averages. On a positive note, the total number of Bank Sales in 2Q09 compared to 2Q08 is down 1%.

The combined home sales prices for 2Q09 was $443,314,533.

High value homes, those sold for $400,000-$5,000,000 saw only 128 total sales in the second quarter of 2009.

The highest number of transactions fell in the $10,000-$24,999 range.

298 homes were sold for under $10,000 with only 6 of those homes obtaining a new mortgage at time of sale. Of the 6 mortgaged properties, the loan to sales price ratio was 105%.

Homes sold between $125,000-$174,999 had the most new mortgages attached to the sale totaling 490, making up 23% of the total number of new mortgages.

The overall loan to sales price ratio was 90% with a total of $321,320,551 mortgaged.

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