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


City Of Chattanooga Grants HOME Funds For 16 Affordable Housing Units In Chattanooga

Chattanooga City Council approved a plan from the Department of Economic & Community Development (ECD) to administer more than half a million dollars in federal funds for the creation of 16 affordable housing units in neighborhoods across Chattanooga. These funds from the United States Department of Housing and Urban Development (HUD) are designated under the HOME program, ... (click for more)

Real Estate Transfers For Feb. 9-15

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)

St. Elmo Woman, 45, Dies At County Workhouse On Wednesday Night; Investigation Underway

An inmate died at the county workhouse at Silverdale on Wednesday night, and an investigation is underway.   She was identified as  Dana Shunice Palmer, 45, of St. Elmo.   Ms. Palmer was booked into the Hamilton County Jail from the Chattanooga Police Department on Feb. 14 on a public Intoxication charge. She was transferred from the jail to CoreCivic ... (click for more)

Shannon Whitfield Raising Rates At Money-Losing Walker County Landfill; Moratorium Placed On Fracking, Deep Well Drilling, Tiny Homes

New Walker County Sole Commissioner Shannon Whitfield is raising rates at the money-losing Walker County Landfill. The higher charges go into effect on March 1. Mr. Whitfield, during his campaign, said the landfill had been losing about $500,000 per year for many years. He said other area landfills were making a profit, but Walker County was having to subsidize its landfill. ... (click for more)

CVB Should Share Financials With The Home Folks

The recent debate over the Convention and Visitor's Bureau's funding and budget has gotten ugly. A Hamilton County commissioner has asked questions and made comments about the CVB. The director of the CVB has organized a campaign to dismiss the commissioner's questions and comments. The children on the playground are choosing sides and nothing useful seems to be happening. It's ... (click for more)

Roy Exum: The Haggling Must Stop

Far be it for me to suggest the Hamilton County Commission and the School Board need to spend more time at recess but it was obvious this week the two groups need to work at being better friends. We have nine county commissioners and just as many corresponding school board members to work together for the betterment of one entity – Hamilton County. Everybody who thinks that is happening ... (click for more)