A recent article on msnmoney.com reported that consumer confidence was holding up well this month before the latest bout of financial turmoil but house prices suffered another record annual drop during July, according to data released on Tuesday. Then came Tuesday the 29th of September. Tuesday's data was a timely reminder that the economy's woes are a result of the worst housing slump since the Great Depression. Since the peak of the housing boom in July 2006, house prices have dropped by about 20 percent.
Prices of U.S. single-family homes were down a record 16.3 percent in July from a year earlier, according to the Standard & Poor's/Case-Shiller Home Price Indexes, though a slowing monthly rate of decline has encouraged some hopes that the worst falls may be over
The Conference Board said its index measuring consumers' mood rose to 59.8 in September from 58.5 in August. That was above Wall Street's expectations but the timing of the survey may not fully reflect the latest chapter in the financial crisis."They took the survey before the latest fallout, so I don't know what people would be saying today," said Al Kugel, chief investment strategist, Atlantic Trust in Chicago.
"I think consumers are feeling better more because of the gasoline prices are going down. That was the thing that spooked them earlier this year, every time they had to fill their tank it was $40 or $50."
Tjhe Cheyenne Multiple Listing Service recently came out the their Residential Statistice for September 2008. According to their figures there were 573 Single Family homes on the market, 94 were sold. Average list price was $180,474 . Average selling price was $177,250 Average DOM was 55.
There were 222 Rural Residential properties. 29 were sold. Average List price was $300,508. Average selling price was $294,487.. Average DOM was 87.
There were 116 Condo/townouse properties on the market. 18 were sold. Average list price was $132,748 Average selling price was $130,522. Average DOM 141.
There were 13 Mobile Homes on the market.2 were sold. Average list price was $54,839 Average selling price was $47,000 Average DOM was 181
Compare that to the Cheyenne Multiple Listing Service Residential Statistics for September 2007.
According to their figures there were 579 Single Family homes on the market, 83 were sold. Average list price was $167,368 . Average selling price was $163,240 Average DOM was 76.
There were 176 Rural Residential properties. 25 were sold. Average List price was $221,590. Average selling price was $271,068.. Average DOM was 76.
There were 145 Condo/townouse properties on the market. 14 were sold. Average list price was $220,126 Average selling price was $218,481. Average DOM 61.
There were 30 Mobile Homes on the market.2 were sold. Average list price was $42,500 Average selling price was $63,500 Average DOM was.
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ZIP Code: 82001 Approximate Location Boundaries: Laramie County
Location Characteristics: A great city to raise a family or to retire in. Great schools, medical facilities, close to large urban areas. Easy access for all out door sports, and just a great place to call home.
About Connie Webb:
Connie Webb has been a Realtor for more than 15 years. She has also lived in Wyoming for most of her life. Her familiarity with the area and her experience makes her an expert in the Cheyenne Market. Call today to talk to Connie! 1-800-221-5064.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
