Sue Melhorn

Although the real estate market was tough in 2008 as you will see below, 288 homes sold in Dover. 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 Dover at year end...

34 homes sold in Dover in November and December:

- 26 single family homes,

- 7 condos, and

- 1 mobile homes.

In 2008, 288 homes sold in Dover, NH:

-191 single family homes

- 86 condos, and

- 11 mobile homes

In addition, 11 Dover 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.

Lawrence Yun, NAR chief economist noted in October that, "A trend away from subprime mortgages to FHA loans, which often carry much lower interest rates, is a positive development for consumers and the house market going forward. Still, it will take some time for the change to yield a measurably higher closed sales volume in the aftermath of the subprime collapse. In the near term, we expect home sales to remain fairly stable." As real estate markets are local, here's what happened in the Kittery/Eliot area market in October:

**10 homes sold in October

**Year-to-date, 105 homes have sold in the Kittery/Eliot area

**18 homes are currently "pending sale" with active contracts

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.

Lawrence Yun, NAR chief economist noted in October that, "A trend away from subprime mortgages to FHA loans, which often carry much lower interest rates, is a positive development for consumers and the house market going forward. Still, it will take some time for the change to yield a measurably higher closed sales volume in the aftermath of the subprime collapse. In the near term, we expect home sales to remain fairly stable." As real estate markets are local, here's what happened in the Hampton market in October:

19 homes sold in the Hampton area in October:

- 8 single family homes,

- 10 condos, and

- 1 mobile home.

Year-to-date, 234 homes have sold in Hampton:

-126 single family homes

- 93 condos, and

- 15 mobile homes

In addition, 16 Hampton area homes are pending with active contracts.

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.

Lawrence Yun, NAR chief economist noted in October that, "A trend away from subprime mortgages to FHA loans, which often carry much lower interest rates, is a positive development for consumers and the house market going forward. Still, it will take some time for the change to yield a measurably higher closed sales volume in the aftermath of the subprime collapse. In the near term, we expect home sales to remain fairly stable." As real estate markets are local, here's what happened in the Portsmouth market in October:

19 homes sold in Portsmouth in October:

- 5 single family homes, and

- 12 condos, and

- 2 mobile homes.

Year-to-date, 236 homes have sold in Portsmouth, NH:

-107 single family homes

-120 condos, and

- 9 mobile homes

In addition, 18 Portsmouth homes are pending with active contracts.

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.

Lawrence Yun, NAR chief economist noted in October that, "A trend away from subprime mortgages to FHA loans, which often carry much lower interest rates, is a positive development for consumers and the house market going forward. Still, it will take some time for the change to yield a measurably higher closed sales volume in the aftermath of the subprime collapse. In the near term, we expect home sales to remain fairly stable." As real estate markets are local, here's what happened in the Rochester market in October:

31 homes sold in Rochester in October:

- 23 single family homes,

- 4 condos, and

- 4 mobile homes.

Year-to-date, 274 homes have sold in Rochester, NH:

-180 single family homes

- 41 condos, and

- 53 mobile homes

In addition, 28 Rochester homes are pending with active contracts.

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.