Home Sales Rise In July

Wednesday, August 21, 2013

It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, these groups purchased much inventory. Now that prices are rising, there's less incentive for these kinds of buyers, yet affordability for consumers remains attractive.

Closed sales rose 1.3 percent from last year’s number, topping out at 645 residential units sold. New listings in the Chattanooga region were up 20.4 percent to 1,223. Inventory shrank 1.3 percent to 5,243 units.

Prices moved higher as the median sales price was up 8.5 percent to $153,500. Days on market decreased 7.9 percent to 117 days. Months supply of inventory was down 8.0 percent to 9.2 months, indicating that demand increased relative to supply.

GCAR President Mark Blazek added, “With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately paced economic expansion.  Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices.  Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.”


Chattanooga Recognizes National Fair Housing Month In April

The City of Chattanooga is recognizing Fair Housing Month through a number of activities that promote equal housing for everyone .  The Office of Multi-Cultural Affairs and the Office of Economic and Community Development are collaborating with the Greater Chattanooga Association of Realtors, Legal Aid of East Tennessee and Chattanooga Neighborhood Enterprises to encourage ... (click for more)

Chattanooga Neighborhood Enterprise Offers Refinancing On 30-Year FHA Mortgages Granted After April 18, 2011

Chattanooga Neighborhood Enterprise now offers refinancing on all 30-year Federal Housing Administration mortgage loans granted after April 18, 2011. The news comes following the White House decision in January to reduce the annual FHA mortgage insurance premiums from 1.35 percent to 0.85 percent. Borrowers are estimated to save roughly $900 annually with the new rates. ... (click for more)

Robber Who Was Shot At Rossville Boulevard Car Lot Dies; No Charges To Be Filed

Police said a person who was shot during a robbery attempt at a car lot at 4314 Rossville Blvd. around 1:50 p.m. on Thursday has died. Police said the shooting has been ruled a "justifiable homicide" and no charges will be brought against 27-year-old Alan Miller. The shooting in which the robbery victim shot the suspect was at Miller Auto Sales. (click for more)

Man Charged In Shooting On Sixth Avenue Had Been Shot Himself Last Week; Police Say Incident "Part Of Gang War"

A man charged with attempted first-degree murder on Sixth Avenue Court on Thursday afternoon was shot himself earlier this month. O'Shae Kadaris Smith, 20, of 2114 E. 12th St., is also charged with reckless endangerment, aggravated assault and possessing a firearm during the commission of a crime. He was one of two people shot on Rawlings Street on March 16. Kendre Allen, ... (click for more)

Finley Stadium Needs To Grow Up - And Response

RE:  Finley Stadium Financial Picture Rosy; Beer And Alcohol Sales Approved; AstroTurf Almost Ready and City, County Pitching In $250,000 Each For New Finley Stadium AstroTurf I read a story here five days ago about a rosy future for Finley stadium. It lead me to believe that the stadium was making money and even improvements with donations.  Then we get a short ... (click for more)

Roy Exum: Mom’s Parting Instructions

My mother, Helen Exum, went to be with the Lord in late August of last year and, in the way folks do, I was going through some of her files last week when I ran across an envelope with my name on it. Inside was a story and written in her hand were the words, “This is a wonderful story for you to tell!” Not being one to disobey my mother and not about to waylay the wishes of the ... (click for more)