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Indianapolis real estate news

October 8th, 2009 · No Comments · Real Estate, Real Estate Markets

indianapolis-big_canalThe Indianapolis real estate market has generally not been in good shape, although some signs indicate that Indianapolis may slowly be regaining health towards the end of this year. Home sales are one sign of considerable weakness in the area around Indianapolis, as reported by a September 24, 2009 article in the Indy Star. The article, written in the business section by Jeff Swiatek, stated that “Sales of existing homes in the Indianapolis area plunged 12.9 percent in August compared to a year ago. It was the eighth consecutive month this year that sales have fallen. Sales dropped to 1,793 in the eight-county metro area, from 2,059 in August of 2008, according to a report released today by the Indiana Association of Realtors using data from its Realtor members. All eight countries in the metro area saw a decline. Hardest hit was Hendricks County, where sales fell 29 percent, to 148 homes.”

This sentiment was echoed by an article published on the WTHR website, which found that Indianapolis home sales decreased substantially over the last month. According to the September 24, 2009 article written by Chris Proffitt, “Despite disappointing national home sales figures, experts say central Indiana’s real estate market remains a good deal for buyers. August brought a surprising drop in home sales nationwide after increases over the last four months, dropping nearly three percent according to the National Association of Realtors, and providing more evidence that the housing market remains fragile…Tough new lending standards and new rules for appraisals may also be contributing factors in the drop.”

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However, there seems to be some hope for real estate in Indianapolis according to a September 30, 2009 article in the Indianapolis Business Journal. The article, written by Norm Heikens, “The grueling years of the housing downturn appear to be over, but a full recovery is one to two years away. That’s the take of veteran real estate broker Jim Litten, who sees a firming in the bottom strata of the market, but continued weakness in expensive homes. The region has been firming since spring, says Litten, president of F.C. Tucker Co. That’s a good ‘balance’ between buyers and sellers, he says.”

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