Home Sales Up In November; Mortgage Rates At Historic Low

Thursday, December 20, 2012

November 2012 gave realtors much to be thankful for, according to information being released by the Multiple Listing Service of the Greater Chattanooga Association of Realtors. Homebuyers were also thankful for historically low mortgage rates and still-affordable prices.

GCAR President Mark Hite said, “Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery. Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism.”

New Listings in the Chattanooga region were up 16 percent to 819. Not to be outdone, Closed Sales increased to a stellar 543 units for the month; a 32.8 percent rise. Inventory shrank 9.7 percent to 4,712 units.

Prices turned higher, once again, as the Median Sales Price was up 16.0 percent to $145,000. Days on Market decreased 8.5 percent to 129 days. Months’ Supply of Inventory was down 21.8 percent to 8.6 months, indicating that, as always, demand increased relative to supply.

Mr. Hite said, “There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends.”

Source: 10k Research and Marketing


Habitat For Humanity Of Greater Chattanooga Greater Area And Thrivent Financial Partner To Improve A Family’s Life

Habitat for Humanity of Greater Chattanooga Area  has been awarded $67,000 from Thrivent Financial to support construction of a Habitat home for an area family, as part of the Thrivent Builds program. This is the eighth home in Chattanooga to be built, thanks to Thrivent’s support. Thrivent Builds with Habitat for Humanity is an ongoing multi-year, multi-million ... (click for more)

Real Estate Transfers For Jan. 22-28

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Appeals Court Rules Against WWTA In Lawsuit Brought By Apartment Complex Over $8 Monthly Charges To Units

The Tennessee Court of Appeals has ruled in favor of an apartment complex that sued the Hamilton County Water and Wastewater Authority (WWTA) over an $8 monthly charge per apartment unit for preparing private service laterals. The court overturned a granting of summary judgment in favor of WWTA by former Judge Jackie Bolton. The appeals court said American Heritage Apartments, ... (click for more)

1 Dies In House Fire In Rhea County

Rhea County Fire Department officials said one person died in an early-morning house fire on Saturday. The call came at about 6:30 a.m. The brick residence is on Fisher Road. S tate arson investigators were on their way. (click for more)

It's Time To Insure Tennessee - And Response

Tennessee has a problem.  What is the value of saving the lives of 1,000 Tennesseans each year? That is exactly what can be expected if 176,000 Tennesseans gain health insurance through Insure Tennessee. A New England Journal of Medicine study showed that expansion of Medicaid was associated with a 6% reduction in yearly mortality for people in the 34-65 age group. Statistically, ... (click for more)

Roy Exum: Boots, Idiots & Guns

As the month of February was born this morning, allow me to hurriedly share three leftovers that were still in last month’s basket: * * * A first-grade teacher had endured a long day and was helping her students bundle up for the trip home when one of the little boys asked for help getting on his boots. Soon she could see why. Even with her pulling, and him pushing, the ... (click for more)