Holding our own: Real estate prices rise steadily
A stark contrast exists between the residential real estate market in Morristown, in cities where subprime financing fueled a boom-and-bust cycle and in markets facing total collapse, a recent study suggests.
Home prices in the Morristown metropolitan area increased by an average of nearly 7 percent per year over the past five years, according to an Office of Federal Housing Enterprise Oversight paper. The home-price estimates, which include the sales of existing homes and refinances, vary sharply with the nationwide decline of 4.8 percent over the last year, a 17-year low-water mark. The 7-percent annual increase in Morristown residential property values was virtually identical to Knoxville, Nashville and Kingsport.
from Morristown Citizen Tribune
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We have a builder in my area who was offering a Mini Cooper with a purchase of a $500,000 villa.
It’s amazing what kind of incentives builders will give you just to move the inventory.
Great post.