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Posted: 6:07 PM Dec 4, 2008
November Home Sales Drop Second Largest of the Year
Bois says now is the best time to take advantage of interest rate cuts
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New numbers out on the local housing market show november was the second *worst month for sales this year.
Sales of homes and condos in the Rockford area dropped 32 percent last month. A total of 233 homes and condos sold in November.. compared to 344 in October. However.. the average sale price increased slightly to just over 138-thousand. The Rockford Area Association of Realtors says the numbers are sluggish.. *but it's still one of the best times to buy.
"The reason for it is that the inventory is high and the number of buyers is low.. any supply and demand curve will tell you now your in a buyers market .. the nice thing about that is you can select from a wide range and homes are very competitively priced."
Sales usually decrease between 7 and 21-percent during the holiday season. Also today... Federal reserve chairman Ben Bernanke urged Congress to do more to prevent foreclosures.. including buying risky mortgages and refinancing them under more favorable terms to homeowners.


