Rochester NH Real Estate Market-Year End 2008 Market Update

Although the real estate market was tough in 2008 as you will see below, 319 homes sold in Rochester. People still have to move and homes still do sell regardless of the market. With that said, here is A Little Perspective on the Real Estate Market:

• More than 1000 banks closed in 1930 (three years before the FDIC was created) BUT Only 14 banks have been taken over in 2008,

• There are 76 million households in the US that own their home--24 million of these homes are owned free and clear,

• There are 52 million homes with mortgages in the US; 97.2% of these are not in foreclosure AND 93.8% of these homes are current on their payments.

Unfortunately...

• Over 20% of people with a mortgage owe more than their home is worth

• 40% of all homes in foreclosure are non-owner occupied (investments)

• There is $975 billion in consumer debt in America

Historic Facts...

• The average real estate boom lasts 3 to 4 years, and the bottom lasts for 15 months

• This real estate boom lasted 9 years, so the bottom will likely last 2-3 years (start Jan. 2008)

• The normal recession lasts 7 to 8 months in total

• There have been 8 recessions and 1 depression in the past 100 years

• 8 times more millionaires are created in a recession

Here is the history on what happened in Rochester at year end...

45 homes sold in Rochester in November and December:

- 32 single family homes,

- 4 condos, and

- 9 mobile homes.

In 2008, 319 homes sold in Rochester, NH:

-212 single family homes

- 45 condos, and

- 62 mobile homes

In addition, 8 Rochester homes went pending with active contracts in November and December.

For more real estate information, check out my website www.SeacoastHomesForYou.com , or to receive a FREE on-line market analysis on your home check, out www.GetFreePropertyValues.com.