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.”

Heritage Landing Sued After Homeowner Falls In Manhole

The Heritage Landing Condominium Association has been sued after a homeowner fell into a loose manhole cover. Mike Mallen and his wife, Elizabeth, are also suing Community Management Associates, Chase Plumbing and Mechanical, Sikes Services and City Green Services. The suit says on the morning of Oct. 9, 2014, Mr. Mallen was walking his dogs to the prescribed "relief area" ... (click for more)

Real Estate Transfers For Oct. 1-7

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)

Attorney Patrick Says Chattanooga Is "Most Logical Place" For Consolidating Volkswagen Lawsuits; Hearing Set Dec. 3

Attorney Gary Patrick said Chattanooga is "the most logical place for consolidating the Volkswagen litigation because it is the only location in the country where VW vehicles are being produced." Attorney Patrick, of the local firm of Patrick, Beard, Schulman and Jacoway, said a hearing is set Dec. 3 in New Orleans on the issue. A host of lawsuits seeking class action status ... (click for more)

Woman Stabbed To Death On Hooker Road; Man Injured; Suspect Being Interviewed

A young woman was stabbed to death on Hooker Road early Friday morning and a man was injured. At approximately 1:54 a.m., Chattanooga Police responded to a stabbing at the 4000 block of Hooker Road. There police located Angel Evans, 33, deceased. She was stabbed multiple times. A second person, Gerald Nelson, 24, was transported to a local hospital with non-life-threatening ... (click for more)

The Facts About Jail

Since Roy had such a positive reaction to Jeffrey Cross's wonderful (and wonderfully civil--how refreshing) email response to his column on the bike lanes, allow me to speak on the subject of the jail.  First off, Roy's right about some things:  It is overcrowded, underfunded, and understaffed.  This is no secret, it's in the Grand Jury report every term.  Here's ... (click for more)

Roy Exum: We Must Learn To Tell

On July 4th of this year, FBI agents – acting on a tip -- arrested Alexander Ciccolo, a 23-year-old with known mental problems, as he carried a duffle bag full of automatic attack weapons. Moments before, he had bought the illegal firearms from an undercover informant outside of Boston. As agents later scoured his apartment, they found bomb-making equipment including a pressure ... (click for more)