Featured Article
Home sales in Connecticut continue to slide to historic lows. Sales in July hit their lowest point in 13 years, down almost 24 percent on the same month last year.
The figures, from Boston based real estate data firm The Warren Group, show that July was the ninth consecutive month in Connecticut when sales fell by more than 20% from the previous year. Home prices too reflect the fall off in sales, down more than 8%, with the median in the state at just under $290,000. Publisher at the Warren Group, Vincent Valvo says despite falling mortgage rates, credit remains tight, and the market won’t be coming back anytime soon, because of the disappearance of sub prime borrowers.
“There are no programs for those people any more. They made up about 30% of the overall market in the country, and pretty much that same amount in Connecticut. So when you see sales drop by 20, 25%, it shouldn’t be a surprise. If people are sitting here wondering when is this market going to get back to looking like it did two years ago, they’ve got a very very long wait in front of them. The market as we’re seeing it today is the market as it really exists.â€
Worst hit in July were Tolland and Windham counties which saw sales plummet by more than 30%.
The Economy
Normal
0
This isn’t shocking for everyone. Perhaps, several are still not totally awake about this but of course, somehow, they are. It will take a long time before everything recovers from this mess situation of the economy. The FDA has been saying that its resources are lacking, to the point that they can't always tell the difference between who is and who isn't a legitimate lender, which could lead to more foreclosures and predatory lending. A federal government job pays well enough that most government employees don't need to worry about getting a payday loan very often, if ever. The talk from the government these days has been a great deal about generating more jobs, and a slew of good paying white collar work for qualified workers is always a good thing.